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Hong Kong home prices post year’s biggest gain as rents climb to near peak
Boosted by a resurgent stock market and favourable interest rates, lived-in home prices rise to their highest in more than a year
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Hong Kong’s lived-in home prices rose 1.3 per cent in September, logging their biggest gains so far this year and reaching their highest in more than a year, amid optimism that the residential market has bottomed out.
The city’s rental prices, meanwhile, inched within a hair of their historical peak, data from the Rating and Valuation Department showed on Tuesday.
The latest monthly increase in secondary home prices marks the sixth consecutive month in which the official index has either remained stable or edged higher.
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The widely watched official index of secondary home prices edged up to 292.5 in September, with prices climbing 1.14 per cent so far this year.
The rise in home prices was also the most in 18 months, according to Ricacorp Properties. With the latest increment in the index, second-hand home prices increased 2.02 per cent in the third quarter, the best quarterly performance in nearly 10 quarters and the second consecutive quarter of growth, it added.
“We remain cautiously optimistic that the Hong Kong residential market is bottoming out, though the growth rate or magnitude might not be substantial,” said Eddie Kwok, executive director for valuation and advisory services at CBRE Hong Kong. “We expect residential prices to register positive growth in 2025 – likely within the range of a few percentage points.”
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