Home prices fall to lowest since 2017
Government data on Monday showed Hong Kong home prices have fallen to their lowest level in almost seven years, with analysts pointing to a cautious mood in the market ahead of the government's budget announcement next month. Data from the Rating and Valuation Department showed private home prices fell for the eighth consecutive month in December to their lowest since 2017. However, the pace of falls narrowed to about 1.4 percent – the smallest drop in five months. For the whole of 2023, prices dropped about 6.8 percent. It was the second annual fall in a row. Meanwhile, rents hit a four-year high in December, adding nearly 0.9 percent on a monthly basis.  Rents saw an increase of 6.6 percent across 2023. Property consultancy firm Knight Frank predicted an 8 percent increase in rents this year, on expectations that more people will choose to settle in Hong Kong via talent schemes. It also said people will be cautious about property transactions in the short term, as the market is watching closely whether the financial secretary will announce any property support measures next month.