Hong Kong home prices skid 0.65 pc in December

Prices of private homes in Hong Kong dropped by 0.65 percent last month from November, snapping a two-month rising streak, amid high interest rates and an ample supply in the primary market.

For all of 2024, residential property prices dropped at a faster pace of 7.1 percent in their third consecutive year of decline, according to data released by the Rating and Valuation Department on Friday.

In December, prices of small and medium-sized flats slipped by 0.65 percent month-on-month, while those of flats above 100 square meters shrank by 0.5 percent.

The values of homes measuring 40 to 99.9 sq m in area declined by 7.1 percent in 2024.

Those above 100 sq m also saw their prices go down by more than 5 percent.

In contrast, the latest rental index increased by 0.36 percent in December, ending a two-month decline.

Rents in the city increased by nearly 4 percent last year, slightly slower than the 6 percent gain seen in 2023.

STAFF REPORTER