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Hong Kong property sales tumbling to three-decade lows: analysts

City's real estate taxes shrink as COVID curbs and rate hikes hit market

A residential development in Hong Kong. The world's most expensive property market is taking a one-two punch from rising mortgage rates and a pandemic-hit economy.   © Reuters

HONG KONG -- Hong Kong's sagging property market is set to post its lowest sales volume in three decades with prices headed for their biggest on-year decline since the 2008 financial crisis, real estate analysts warn.

The world's most expensive property market, where average home prices have previously topped $1.2 million, is taking a one-two punch from rising mortgage rates and an economy hobbled by strict virus curbs.

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