Hong Kong private home prices fall to lowest in over eight years

Hong Kong private home prices fell to the lowest in eight and a half years last month in four consecutive months of decline as a high interest rate and weak economy continued to weigh on the sector. 

Home prices dropped by 0.49 percent month-on-month, or 7.8 percent year-on-year in March according to the latest data from the Rating and Valuation Department.

The costs of residential properties decreased by 1.7 percent in the first quarter. Prices have slumped nearly 29 percent from the record high in September 2021. 

Prices of small and medium-sized flats slipped by 0.5 percent while bigger flats also dipped by 0.8 percent.

In contrast to the prices, the rental index rose by 0.1 percent in March, up for four months in a row. Rents increased by 4.5 percent from a year ago the same month. 

STAFF REPORTER