Hong Kong residential prices to drop by 5-10% this year

Prices already declined by 1.7% in the first five months of the year.

For the first 5 months, Hong Kong residential prices dropped by 1.7%, according to data from RVD.

CBRE expects residential prices to further decline in H2 2024. For FY2024, we foresee residential prices may drop 5% to 10%.

In the leasing market, overall rent went up by 1.6% during the first 5 months of 2024, according to data from RVD.

Eddie Kwok, Executive Director, Valuation & Advisory Services, CBRE Hong Kong, says the residential rental market is expected to resume an upward trajectory, with approximately mid-single digit growth in FY2024. 

“Key demand drivers include the influx of migrants under the Top Talent Pass Scheme, growing non-local university students, and married couples and potential buyers that opt to rent for the time being,” Kwok adds.