With Hong Kong Banks further reducing interest rates by 0.125%, this is the third rate cut since September, which positively supports the Hong Kong property market, enhances owners' confidence, reduces discount listings, and raises the confidence Index.
According to the Zhichun Finance APP, as 2024 comes to an end, the latest "Market Price Index" reports 128.13 points, a slight increase of 0.14% weekly; compared with four weeks ago, it has declined slightly by 0.16%, and the cumulative decline in 2024 is 6.86%. As for the "Confidence Index," the latest report is 62 points, which increased by 3% weekly. With Hong Kong Banks further reducing interest rates by 0.125%, marking the third reduction since September, there is positive support for the Hong Kong property market, boosting owner confidence and reducing discounted listings, leading to an increase in the confidence index.
When divided into three regions, property prices in all three areas have declined in 2024, with the Island District experiencing a cumulative decline of 8.41%, the largest decrease among the three areas, while Kowloon and the New Territories have dropped by 6.11% and 6.94%, respectively. Chief Analyst Liu Jiahui from Midland Realty points out that when comparing weekly, property prices in the three areas exhibit divergent trends. The latest "Midland Island Price Index" reports 135.92 points, a weekly drop of 0.49%; the "Midland Kowloon Price Index" latest report is 131.03 points, with a slight weekly decrease of 0.11%; in contrast, the "Midland New Territories Price Index" reports 118.18 points, with a weekly increase of 0.55%. Compared to four weeks ago, property prices in the three areas similarly show divergent trends, with the Island District and the New Territories increasing by 0.84% and a slight increase of 0.07% respectively, while Kowloon saw a decline of 0.83% over the same period.
