March 29, 2018 / 9:01 AM / 24 days ago

Hong Kong private home prices continue record-breaking run

HONG KONG, March 29 (Reuters) - Hong Kong’s private home prices rose to a new all-time high in February, extending their record-breaking run to 16 straight months, the latest government data showed.

The Asian financial hub, which has one of the least affordable property markets in the world, saw home prices rise 1.62 percent in February, according to an index compiled by the Rating and Valuation Department.

The figure jumped 16 percent year-on-year.

A rental index edged up 0.11 percent in February, after a slight dip in January following a 10-month record-breaking streak.

The city’s financial chief said at his annual budget last month that he expects Hong Kong’s property prices to gradually come under pressure as more flats hit the market and interest rates are expected to rise. (Reporting by Venus Wu; Editing by Kim Coghill)

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