Hong Kong house prices fell for the third consecutive month in July, down 1.1 .

Housing prices in Hong Kong fell 1.12% in July

Prices of private residential homes in Hong Kong fell 1.12 percent year-on-year in July, the third consecutive monthly decline, official data showed Tuesday. Rising interest rates and an uncertain economic outlook were the reasons for the drop in housing demand.

Home prices fell last month in the financial center, one of the most expensive markets.

Home prices fell 1.05% last month in the financial center, one of the most expensive markets in the world, according to data released.

Large developer Henderson Land

Large developer Henderson Land said in its earnings report last week that the housing market would be "quite depressed" in the second half unless the government proposed new measures, as the downward trend in secondary market house prices became "evident".

The government repeatedly rejects proposals to ease restrictions

The industry has long called on the government to ease restrictions on the real estate market to encourage transactions, but the government has repeatedly said that now is not the right time to make changes as property prices remain relatively high due to a housing shortage.

The launch of new homes from CK Asset

The entry of new homes into the market this month from another major developer CK Asset, owned by tycoon Lee Ka-shing, at the lowest prices in seven years, has stunned the market and could trigger a price war in the financial center, realtors said.

The expected decline in transaction volume in August

Transaction volume in August is expected to decline for five consecutive months and hit an eight-month low, according to real estate agency Centaline.