April sees a 0.3% uptick in Hong Kong home prices from March, In April, Hong Kong experienced a second consecutive monthly increase in private home prices, rising by 0.3% compared to March. This growth followed the removal of restrictions by the financial center aimed at revitalizing its struggling property market.
Following a revised 1.8% surge in March, which marked the end of a 10-month decline, the rise in home prices continued in one of the world’s most expensive property markets, according to official data released on Wednesday.
In late February, Hong Kong eliminated all supplementary stamp duties targeting foreign and second home buyers, as well as those selling properties within two years of purchase. This move came after prices had plummeted by 20% from their peak in 2021. Factors contributing to this decline included higher mortgage rates, a drain of talent from the region, and a pessimistic market outlook.
The property market promptly celebrated the removal of these measures with a surge in transactions. However, analysts anticipate that prices will likely remain subdued in the short term as property developers rush to launch sales with significant discounts.
