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Hong Kong housing bubble?

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(Read caption) This chart shows residential property prices in Hong Kong from 1991 through January 2011. Prices have been increasing steadily since December 2008.

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There has been much speculation recently about an ongoing price bubble occurring in the Hong Kong residential property market.

The University of Hong Kong’s Residential Real Estate Series (HKU-REIS) indicated that, in January, the price of residential properties increased a whopping 2.89% since December climbing 22.12% above the level seen in January 2010.

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The “Hong Kong Island” index, “Kowloon” and “New Territories” sub-components also showed notable year-over-year increases with "New Territories" outpacing the pack with notable 4.15% monthly increase while the "Hong Kong Island" series indicated that prices have now far outpaced the prior 1997 peak.

The HKU-REIS is a set of property price indices constructed monthly using a “modified” repeat-sale methodology similar to that of the S&P/Case-Shiller indices yet suited to the Hong Kong property market.

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