HONG KONG - Private home prices in Hong Kong eased 0.2 percent in November from the previous month, official data showed on Tuesday, as the pandemic and high unemployment rate continued to subdue one of the world’s most expensive property markets.

Property agents expect a further decline in December, as the latest wave of coronavirus infections suppressed the number of sales

Prices fell 0.5 percent in October, after a revision from the initial estimate of a 0.6 percent decline.

Property agents expect a further decline in December, as the latest wave of coronavirus infections suppressed the number of sales.

READ MORE: HK home prices could slump over 10 percent next year

Still prices in the Asian financial hub have been relatively resilient despite the COVID-19 outbreak, having only dropped around 1 percent this year, having been supported by strong demand and low interest rates. 

Looking to 2021, realtors expect prices will continue to soften until vaccines are made widely available in the second half of the year.

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“Whether the market can bottom out in 2021 or not depends on the economic recovery and virus control,” said Joseph Tsang, chairman of JLL Hong Kong, which forecast prices in the mass residential market to drop between zero and 5 percent.

Luxury residential would drop 5-10 percent after falling 13 percent this year, JLL added, hurt by weaker demand and a drop in Chinese mainland buyers due to a closed border.