September 5, 2014 / 8:01 AM / 3 years ago

Hong Kong home prices hit record high for third straight month

HONG KONG, Sept 5 (Reuters) - Hong Kong’s home prices hit a record high for a third consecutive month in July, official data showed, as strong demand from end-users boosted sales for small and medium-sized units in one of the world’s most expensive property markets.

An index of overall private home prices for July edged up 5.5 percentage points month-on-month to 255.6, a fourth consecutive month of gains and another record high after June. Home prices have risen 10.9 percentage points this year, according to government data.

In late 2009, the government of the former British colony unveiled the first of a series of measures to cool the property market.

Hong Kong home prices have surged more than 120 percent since 2008 due to low interest rates, supply shortage and flush liquidity.

Reporting By Twinnie Siu and Yimou Lee; Editing by Anne Marie Roantree

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