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Thursday, June 30, 2016, 17:23

Home prices keep up April momentum


HONG KONG - Hong Kong home prices ticked up for a second straight month in May, sending the cumulative decline since their September peak to 10 percent, government data shows.

According to the Rating and Valuation Department’s monthly supplement released on Thursday, the general index for private homes in the territory edged up 0.73 percent to 275.5 in May, trimming some losses from the six consecutive months of sliding housing prices but still down 7.8 percent from a year earlier.

Rental prices also snapped a seven-month run of declines to tick up 0.49 percent to 164.1 last month. Rents are down 5.2 percent from a year ago but still recorded a 7.5 percent cumulative drop since the September highs.

Between 2003 and their September peak, the city's property prices soared 370 percent. In September last year, home prices index reached a record high of 306.1, after which the housing market was greeted with a months-long crash and analysts believed it is still far from the end of story.

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