Data from the Rating and Valuation Department on Monday showed the city’s official home price index dropped to 284.2 in March.
That was 0.49 percent lower compared with a month earlier, 7.8 percent lower year-on-year, and a fall of 29 percent from the market peak in September 2021.
The latest data also saw the index at its lowest since July 2016, when the gauge stood at 281.7.
Taking the first quarter in total, the index fell by 1.7 percent.
Rents, however, continued to go up, with the key gauge rising by 0.1 percent last month to 193.3.
Commenting on the latest figures, Eddie Kwok, executive director at CBRE Hong Kong’s Valuation & Advisory Services, said the “narrowed” residential property price declines were “negatively affected” by global uncertainties, as potential buyers took a “wait and see” approach which weighed on prices.
But he noted the situation had been improving towards the end of this month, with more transactions emerging.
“[But] overall, sentiment could lead to a slight decrease in residential prices in the next few months and this is likely to persist in the near term until situation becomes clearer,” he said.
