Why Hong Kong rents are hitting records while home price gains lose momentum
Hong Kong’s lived-in home prices fell 0.8 per cent in the third quarter, their first quarterly decline after five quarters of gains, as a September rebound failed to fully offset a summer slowdown in the residential market. Prices rose 0.19 per cent in September from August, marking a second consecutive monthly increase, according to data released by the Rating and Valuation Department on…
Hong Kong's rental market is experiencing record-high growth while home prices have slowed down, according to recent data. In the third quarter, home prices dropped by 0.8%, marking the first decline in five quarters after several quarters of gains. However, this was not enough to offset the slowdown in the residential market as September's price increase was limited to just 0.2%.
Despite this, rents across all flat sizes rose in September, with luxury homes seeing a 1.3% increase. The official rental index hit a record high of 212.2 for the 11th consecutive month, with rental growth of 3.11% in the third quarter, the largest quarterly rise since mid-2024. This suggests that there is still strong demand for rental accommodation, even as home prices slow down.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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