Hong Kong home prices in April rise for the first time in three months, as deals gain momentum on easing coronavirus curbs
- The lived-in home price index in April rose 0.5 per cent to 384
- The 0.5 per cent increase in the index was the best after the 1 per cent rise last July
Hong Kong’s home price index reversed a three-month losing streak in April, posting the biggest rise in nine months, following a rebound in the city’s housing market from the devastating fifth wave of coronavirus outbreak that put most economic activities on hold.
The price index for lived-in homes in April rose 0.5 per cent to 384, nearly the same level as February, according to data from the Rating and Valuation Department on Friday. It was the biggest increase since the 1 per cent gain in July 2021. The April figure, however, is still 1.8 per cent lower on a year-on-year basis.
The rise is “higher-than-expected”, said Martin Wong, director and head of research and consultancy for Greater China at Knight Frank. “The index will widen its increase in May, but the overall property price [index] in the first half will still see a slight decline.”
The lived-in price index could jump between 1 and 1.5 per cent in May, said Derek Chan, head of research at Ricacorp Properties, adding that the continuing momentum in June could help the index recoup the first-quarter losses.
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