HK Home Price Index Pick Up After 5-Month Fall | HK Weekend Property Market Recap

The October Property Price Index, published by the Rating and Valuation Department, stands at 290.1 points, up 0.6% month-on-month.
This marks the first increase after five consecutive months of decline, offering a glimmer of hope for the sluggish housing market. However, the numbers reveal a more complicated situation.
The index remains near 8-year lows and is even lower than August’s 292.1 points. Over the first 10 months of 2024, property prices have fallen by 6.8%. And compared to the market’s peak in September of 2021, prices have dropped by nearly 27%.
The current state of residential transactions highlights subdued market sentiment, with no clear signs of improvement.
Meanwhile, a series of mortgagee sales in The Arch at Kowloon Station faced a steep price cut. Three years ago, the original owner listed five units at HK$1.3 billion, with a price per square foot of HK$160,000. The properties recently sold for HK$410 million, reflecting a 70% price reduction. At the time, the units drew significant attention due to their extravagant Chinese palace-style design.
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