Hong Kong home prices rise slightly while rents near historic peak amid gradual recovery

Hong Kong’s lived-in home prices rose by 0.14 per cent in August, according to the latest official data, suggesting a gradual recovery in the city’s struggling residential property market.

An official index measuring price movement among the city’s second-hand homes made a modest gain for the fifth straight month, narrowing this year’s price decline to 0.24 per cent, according to data from the Rating and Valuation Department (RVD) released on Friday. Since April, Hong Kong’s home prices have increased by 1.26 per cent.

Hong Kong home transactions remained above the 5,000 level for the sixth consecutive month in August. A total of 5,291 homes were sold last month, according to data from the Land Registry. While that represented a drop of 8.2 per cent from 5,766 in July, it was nearly 45 per cent higher than a year earlier.