Hong Kong home prices unexpectedly on rise

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Hong Kong home prices unexpectedly on rise
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Despite the earlier forecast of 10 to 20% decline in Hong Kong’s housing prices, now experts claim that there will be a 5 percent rise in the year 2017, South China Morning Post reports on Thursday.

This is mortgage rate promotions and aggressive financing schemes on new launches that encourage buyers to return to the market, the analysts say.

According to government data, in the first quarter of this year, Hong Kong’s home prices plunged about 7% amid weakening economy, however, in the last five months prices have bounced back around 6%.

Now Investment bank Macquarie forecast home prices to increase up 5% in the year 2017.