Hong Kong home prices rise to highest in two and a half years in May

Hong Kong private home prices rose 1.4 percent to the highest in two and a half years last month, official data showed on Thursday. 

Home prices climbed month-on-month in their 12 consecutive rise in May, and were up by 12.4 percent from a year earlier, according to the latest data from the Rating and Valuation Department.

The costs of residential properties surged by 7.4 percent in the first five months of the year. 

Prices of small and medium-sized flats advanced by 1.5 percent in May while bigger flats grew at a slightly slower pace at 1.2 percent in the month. 

Meanwhile, the rental index continued its rising trend in May, climbing by 0.34 percent to another fresh high in the month. Rents increased by 5.1 percent from 12 months ago last month and has been up by 1.8 percent in the first five months of the year.

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