Hong Kong’s residential property market continued its gradual recovery in November, with house prices rising to their highest level in 16 months, according to figures released by the SAR’s Rating and Valuation Department and reported by Hong Kong’s public broadcaster RTHK.
The city’s official house price index reached 297.3 last month, marking a 0.9 percent increase from October and a gain of about 2 percent compared with November last year. It was the sixth consecutive monthly rise, forming the longest uninterrupted upswing in more than four years.
Despite the recent momentum, prices remain 25 percent lower than the 398.1 recorded in October 2021 – the index’s historic peak.
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By segment, smaller and medium-sized flats recorded stronger month-on-month growth in November, rising by about 0.95 percent. Larger units, defined as those with a saleable area of 100 square metres or more, posted a more modest increase of around 0.4 percent.
Meanwhile, the official rental index climbed for a 12th straight month to 200.7 in November – its highest level on record. Rents rose by about 0.2 percent from October and were nearly 4.6 percent higher than a year earlier.
Between January and November, rental costs increased by approximately 4.3 percent.
