Hong Kong Property Prices Continue to Drop

HK property prices are expected to continue to fall next year

Hong Kong's property prices have had a rough ride this year, hitting a seven-year low in November following the seventh consecutive drop, according to government figures.

Figures from the Rating and Valuation Department showed the prices of private flats fell by 2 percent from October to November. Home prices were still 6.6 percent lower than the same month last year despite the removal of some property cooling measures by the government in October.

Prices of flats dropped by 5.6 percent in the first 11 months of this year, though interestingly rents.

Kennedy Town prices dropped over 12 percent

In the case of my former flat in Kennedy Town, the price fell 12.3 percent in just over two years.

However it is interesting to note rents have gone up by 0.6 percent in November to a four-year high, the 10th consecutive month of rent increases.

Next year things don't look good for property prices, says head of valuation and advisory services Hannah Jeong at Colliers Hong Kong. She expects the downward trend to continue in 2024, though the extent of the decline depends on the impact of any US interest rate cuts.