Hong Kong home prices rise for a 20th straight month as flats keep setting new records

Hong Kong’s secondary home prices rose for a 20th straight month in November, their longest rally since 1993, as apartments continued to sell for record amounts across the city.

The home price index edged 1.07 per cent higher to 347.0, according to data released by the Rating and Valuation Department on Friday. That compared with a gain of 0.73 per cent in October.

It was also the 13th consecutive month in which the index had reached a new record high.

“Due to the limited units on offer in the secondary market, vendors will not sell unless they receive ultra-high purchase offers. That explains why units have been selling for record prices in various housing estates, and why this trend will continue,”said Derek Chan, head of research at Ricacorp Properties.

On Wednesday, a 617 square-foot unit at Sunshine City, Ma On Shan, changed hands for HK$9.28 million, or HK$15,041 per sq ft, the highest on record for that housing estate, according to Ricacorp.

A 1,280 sq ft duplex at Kingswood Villa in Tin Shui Wai, close to the Hong Kong-Shenzhen border, sold for a record HK$13.6 million during the Christmas holiday, the agency said.