Hong Kong Asia's offering best housing market returns? Nope, it's India

Hong Kong's gains over the 12 months through June were second only to Iceland in the real-estate firm's global rankings.
Hong Kong's gains over the 12 months through June were second only to Iceland in the real-estate firm's global rankings. PHOTO: REUTERS

NEW DELHI (Bloomberg) - With all the buzz around Hong Kong's housing market, one might mistake it for Asia's best performer.

To be fair, it is over a 12-month period - but over five years, the region's top returns came from India, according to property consultant Knight Frank LLP.

Investing in India's residential market returned 70 per cent in the five years through June, compared with 65 per cent for Hong Kong, Knight Frank's Global House Price Index showed. Singapore posted a 5.6 per cent decline and Japan also slipped.

Still, it's fair to say that Hong Kong is where the heat is right now. The city's gains over the 12 months through June were second only to Iceland in the real-estate firm's global rankings.