The Rating and Valuation Department released the September home price index. 

Eddie Kwok, Executive Director, Valuation & Advisory Services, CBRE Hong Kong commented:  

Residential Prices  

• Based on the RVD figures in September 2024, residential prices dropped by 1.7% month-over-month and 12.5% year-over-year, marking the fifth consecutive month of decline.

Market Outlook

• Over the 2 weeks, we observed counteroffer from secondary homeowners with developers raising their selling price for their newly launched residential projects.
• Government’s various accommodative measures including relaxing the maximum LTV ratios for property mortgage loans during the policy address helped stabilizes the residential price.
• As such, we may see residential price bottoming out in the near term after five months of decline.
• Yield seeking investors may be a demand driver entering the residential market as residential price reached a relatively low level, coupled with expected lower financing cost going forward. 

Residential Rent

• Residential rent increased by 0.1% month-over-month and 5.8% year-over-year.
• Residential rent is expected to keep its upwards trend, but growth likely moderate in the short term as university already kick started the new academic year.
• With government committed to attract quality talents and develop the city into an international hub for post-secondary education as mentioned during the recent policy address, the residential rental demand is deemed to benefit and receive strong demand going forward. 
• We expect the surge in residential rental demand to come into effect during the medium term, most likely summer period next year right before the new academic year begins.

Download September home price index here.

For further information, please contact Eddie Kwok, Executive Director, Valuation & Advisory Services, CBRE Hong Kong as the details below.

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Hong Kong home prices drop while rents rise - CBRE | RE Talk Asia

Hong Kong residential prices likely bottom out in 2025 – CBRE | RE Talk Asia