Hong Kong home prices rise 0.3% in April from March

HONG KONG’S private home prices climbed for the second month in a row in April, up 0.3 per cent from March, after the financial hub lifted curbs to boost its ailing property market.

The increase in home prices in one of the world’s most expensive property markets followed a revised 1.8 per cent rise in March, which reversed a 10-month falling streak, official data showed on Wednesday (May 29).

In late February, Hong Kong removed all additional stamp duties for foreign and second home buyers, as well as on those selling flats within two years of buying them, after prices had plunged 20 per cent from their 2021 peak, hurt by higher mortgage rates, an outflow of talent and a weak market outlook.

The property market immediately celebrated the end of those measures with a jump in transactions, but analysts expect prices to remain subdued in the near term as property developers rush to launch sales at steep discounts.