Hong Kong’s secondhand home prices see sharpest decline in eight months as new developments attract buyers

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13th April 2024 – (Hong Kong) Hong Kong’s secondary housing market has witnessed its most significant price drop in eight months, as fresh competitively priced projects by property developers divert potential buyers from the resale market. According to the latest data from Centaline Property Agency Ltd., home values in the secondhand market fell by 1.5 per cent in the week ending 7th April, marking the largest decline since August.

This downturn interrupts a brief period of price increases over the previous three weeks, which followed the Hong Kong government’s decision to lift several property market restrictions. The recent influx of new residential projects, which are being offered at substantially lower prices, has captured the market’s attention and dampened activity in the secondary market, Centaline explained.