HONG KONG, Nov 28 Reuters Hong Kong private home prices fell 2.4 in October, the biggest drop since November 2018, official data showed on Monday, dragged down by worsening market sentiment amid a pessimistic economic outlook.

The drop in home prices last month in one of the world39;s most unaffordable housing markets followed a revised 2.1 fall in September. Home prices in the financial hub have fallen 10.5 in the first ten months of this year.

The property price index was at 352.4 in October, the lowest level since December 2017.

Rising mortgage costs and a bleak economic outlook have deepened pessimism among homeowners, while home prices for the fullyear are expected to drop around 10, the first fall since 2008.

Martin Wong, real estate consultancy Knight Frank Greater China head of research and consultancy, said he expects prices to fall 15 for the full year, and transaction volumes to slip 40 from last year to the lowest since 1997.

Reporting by Clare Jim; editing by Simon CameronMoore

Source Reuters