The "Hong Kong Property" Rating and Valuation Department's property price index hits a high not seen in over a year and a half. Centaline's Chen Yongjie: Multiple favorable factors drive the property market steadily upward

The Rating and Valuation Department's property price index shows that in January this year, the private residential price index stood at 301.4 points, rising by 0.53% month-on-month, marking the eighth consecutive month of increase and reaching a new high in over a year and a half. The rental index in January increased by 0.3% month-on-month, reaching 201.1 points, setting a new historical high.

Chen Yongjie, Vice Chairman of Centaline Property's Asia Pacific region and President of the Residential Department, stated that the January property price index from the Rating and Valuation Department continues to rise, reflecting a sustained healthy recovery in the property market. Benefiting from the current improved economic environment, a booming stock market, and the wealth effect, confidence in property purchases has increased. Additionally, the property market's boosting measures from the past few years continue to take effect, driving the overall property market to stabilize and warm up. Currently, property prices still have over a 20% discount from their peak, and with rents continuing to rise, the high rental returns provide strong support for the property market. Therefore, the latest fiscal budget has little emphasis on the property market, with no new stimulus measures introduced, only an increase in stamp duty for super luxury homes by over HKD 100 million, taking the opportunity to increase tax revenue for the treasury, which is believed to have a minimal impact on the overall property market.

As we enter the Year of the Rabbit, various favorable factors for the property market continue, with demand from both self-use and investment buyers on the rise, and it is expected that the property market will continue to steadily move upward