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Home Prices in World’s Most Expensive Market Break Record

  • Home values in Hong Kong top levels set two years ago
  • Supply shortage, low interest rates lift market despite unrest
A banner promoting a residential project, in the Wan Chai area of Hong Kong.

A banner promoting a residential project, in the Wan Chai area of Hong Kong.

Photographer: Lam Yik/Bloomberg

Hong Kong’s home prices jumped to a record high, joining other global real estate markets that are soaring on low mortgage rates and rising demand as the pandemic slowly recedes.

Values for resale houses rose 0.65% for the week ended Aug. 8, according to Centaline Property Agency Ltd., which started tracking prices in 1993. The last record for the firm’s price index was set in mid-2019 at the beginning of anti-government protests. Residential property values have increased 8.6% since the beginning of the year.