A widely watched official index of secondary home prices gained 0.42 per cent month on month to 387.9 in July, according to data from the Rating and Valuation Department on Wednesday. It was the index’s highest level since 289.2 in December.
Secondary home prices have increased 1.05 per cent since April, narrowing this year’s price decline to 0.45 per cent.
“Signs of residential prices bottoming out are becoming more evident,” said Eddie Kwok, executive director for valuation and advisory services at CBRE Hong Kong.
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How Hong Kong’s housing market became among the world’s most unaffordable
How Hong Kong’s housing market became among the world’s most unaffordable
The increase in property prices has been supported by lower interest rates in recent months, with the one-month Hong Kong interbank offered rate (Hibor) – linked to mortgages – hovering at around 1 per cent, according to data from the Hong Kong Association of Banks.
