Private houses’ prices index drops 1.4% MoM in December 2023

Property price is expected to fall by 5% - 10% in 2024.

The Private Domestic Property Price Index for January 2024 dropped 1.4% month-on-month to 312.1 in December 2023, with the overall residential price also declining 6.8% for 2023, Colliers reported.

In 2023, the overall private residential property prices were under pressure due to the high-interest rate environment.

Transactions of first-hand private residential stood at 10,750 representing a 4% increase from 2022, but is still the second lowest in the last 10 years.

For second-hand residential units, the volume recorded was 32,300 representing a record low in 33 years.

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Meanwhile, overall rents increased by 6.6% in 2023, posing a contrast to the property price trend.

For 2024, Colliers predicts that the property price will continue to fall by 5% to 10%.

“Looking forward to this year, property price trends will continue to be impacted by interest rates, first-hand sales, policy effectiveness and land sales. In terms of residential supply, there are currently over 50,000 first-hand new units that have been approved, unsold, pending pre-construction applications, which requires around three years to digest the total market supply, given an average of 16,000 units sold in the past 10 years,” Kathy Lee, Head of Research at Colliers Hong Kong said.

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