The latest Eva Property Index (EPI) stood at 118.6 points, representing a week-on-week increase of 0.2% and marking the fifth consecutive week of growth. The recent robust trading activity in the primary market has continuously diverted buyers away from the secondary market, leading to divergent regional price movements with three districts recording declines and one registering an increase. Nevertheless, the overall index remained resilient and trended upwards, bringing the cumulative year-to-date property price growth to 3.32% as of early April 2026. However, current property prices remain 18.63% below the historical peak of 145.76 points recorded in August 2021.
Recent regional property price fluctuations are primarily influenced by the primary market. The robust sales of new projects and remaining inventory in Kowloon, New Territories East (NTE), and Hong Kong Island have diverted a portion of secondary market purchasing power, thereby putting pressure on secondary property prices. Conversely, primary market transactions in New Territories West (NTW) have been relatively slow, prompting some buyers to return to the secondary market, which has provided support to property prices in the district.
Regarding the rental market, the latest Eva Rental Index (ERI) reported at 117.4 points, edging up 0.01% WoW and rising for two consecutive weeks. It has accumulated a provisional year-to-date increase of 1.18%, sitting just 0.96% below the historical high of 118.54 points recorded in August 2019. Although April is traditionally an off-season for leasing, overall rental demand remains stable, keeping rents at elevated levels.
Looking ahead, developers' pace of launching new projects and the sales performance of remaining stock will continue to dictate property price trends. In the rental market, housing demand is expected to rebound as the summer peak season gradually approaches. In the short term, after digesting seasonal factors, both property prices and rents are expected to maintain a broadly stable trajectory.
Regional Property Prices: Three Drops, One Rise; NTW Bucks the Trend with a 1.2% Increase
This week's regional property price indices recorded three drops and one rise. Kowloon saw the largest decline, falling for two consecutive weeks to 114.4 points, down 1.04% WoW. NTE and Hong Kong Island ended their respective one-week and three-week upward streaks, reporting at 117.39 points and 108.23 points, representing WoW declines of 0.36% and 0.08%, respectively. NTW halted a two-week decline, reporting at 122.29 points, up 1.2% WoW.
The softening of property prices in Kowloon was primarily due to the brisk sales of primary projects in the district, which diverted secondary purchasing power. Notably, Chester and Phase 1 of Highwood sold 34 and 30 units respectively this week, demonstrating outstanding performance. Other inventory projects such as the MIAMI QUAY series, Connext, Eight Southpark, and the DOUBLE COAST series also recorded sales ranging from 7 to 23 units each. With primary projects continuously drawing buyers, secondary owners have been compelled to widen their negotiation margins to enhance competitiveness, posing downward pressure on district property prices.
The Easter long weekend also impacted secondary property viewing activities. According to Midland Realty data, seven major indicator estates in Kowloon recorded 191 viewing appointments this weekend (April 4 to 5), a 6.8% decrease from the 205 appointments in the previous weekend (March 28 to 29). Coinciding with the long holiday, many citizens traveled abroad, thereby diluting the secondary customer base and dragging down the district's property price performance this week.
Looking ahead, pricing for new projects in the district is slightly aggressive. DOUBLE COAST III released an additional 120 units this week, reducing discounts by 1%, which effectively translates to a price increase. Chester also added 39 units, with some units seeing a 3% price hike. The mild increases indicate that developers are pricing close to market rates with restrained hikes, reflecting confidence in the district's future market outlook.
The situation in NTE was similar to that of Kowloon, with brisk primary sales diverting numerous secondary buyers. During its second round of sales this week, La Mirabelle I sold 152 out of 168 available units on the same day, accounting for about 90% of the stock, reflecting ideal sales. The developer released price list No. 4 on the same day, with a discounted average price of $17,488 per square foot, approximately 4.17% higher than price list No. 3. However, when comparing units in the same column, the actual increase was only about 0.14% to 2.31%, indicating that pricing remains restrained. Additionally, Cloudview and Villa Lucca sold 14 and 6 units, respectively.
In the secondary market, according to Hong Kong Property Services data, NTE recorded 156 viewing appointments this weekend (April 4 to 5), down 4.9% from 164 appointments the previous weekend (March 28 to 29). Holiday factors caused some prospective buyers to temporarily suspend their market entry, reducing secondary clientele and dragging down district property prices.
Furthermore, the Pavilia Farm III announced the initial launch of 100 units for sale via tender and has uploaded the sales arrangements. The developer opened a completed four-bedroom show flat to the media this week, demonstrating confidence in the project's market reception.
Property prices on Hong Kong Island edged down by 0.08% this week. Several new projects and remaining inventory in the district recorded decent sales, including the Headland Residence, 101 Kings Road, and Deep Water South Phase 6A, each recording 5 to 8 transactions. With more choices available in the primary market, some buyers shifted to new projects, slowing down secondary transactions. Individual secondary transactions were concluded slightly below owners' asking prices, causing the district's property price index to soften marginally.
Viewing volumes also reflected this situation. According to Midland Realty data, four major indicator estates on Hong Kong Island recorded about 135 viewing appointments this weekend (April 4 to 5), down about 1.5% from 137 appointments the previous weekend (March 28 to 29). Hong Kong Property Services data showed that two major indicator estates in the district recorded about 24 appointments during the same period, down about 17.2% from 29 appointments the previous weekend.
The NTW index performed well this week, rising 1.2% WoW. As sales of primary inventory in the district slowed, buyers returned to the secondary market, and owners' negotiation margins narrowed, driving up property prices. Secondary transactions were mostly concentrated in the Gold Coast Bay series and Grand Mayfair series, recording 11 and 5 transactions, respectively.
Carlos Lam, Founder and CEO of Centerland Property Limited, pointed out that rent-to-buy cases have increased in the Tung Chung district. Taking Caribbean Coast as an example, the monthly rent for a typical unit is about $16,000. If a 70% mortgage is taken, the monthly repayment is about $17,000. The minimal difference has prompted some tenants to consider purchasing. He added that currently, about 45% of buyers are first-time purchasers, indicating strong end-user demand. Some buyers hold a more positive view of the future market, leading to a more proactive approach to entering the market. Owners' asking prices remain firm with limited room for negotiation, supporting district property prices.
In addition, Lime Spark in Tsuen Wan is about to launch. The district has not seen a brand-new project for an extended period, leading to an accumulation of purchasing power. The project is expected to become the focus of the district.
In summary, this week's property price trends were dominated by the primary market. In districts with robust primary sales, secondary buyers were diverted, pressuring property prices; in NTW, where primary sales slowed, buyers returned to the secondary market, causing property prices to buck the trend and rise. The Easter holiday generally led to a decline in viewing volumes across all districts. In the short term, EPI is expected to fluctuate between 110 and 124 points.
Rental Index Edges Up 0.01%; Hong Kong Island and Kowloon Perform Well
Secondary rents in Hong Kong remained at high levels. The latest ERI reported at 117.4 points, edging up 0.01% WoW, rising for two consecutive weeks. It has accumulated a provisional increase of 1.18% this year, just 0.96% away from the historical high of 118.54 points recorded in August 2019. Although April is a traditional leasing off-season, overall rental demand has not shown significant weakening, keeping rents high.
This week's regional rental indices saw two rises and two drops. Hong Kong Island and Kowloon performed well, rebounding from a decline and rising for three consecutive weeks, respectively. They reported at 125.78 points and 125.19 points, up 0.93% and 0.6% WoW. NTW and NTE were under pressure, falling for two consecutive weeks and ending a one-week upward streak, respectively. They reported at 133.36 points and 121.61 points, down 1.58% and 0.09% WoW.
Kowloon rents rose for three consecutive weeks, driven by sustained high leasing demand for estates in premium school nets. May Chu, Managing Director of Love Property Agency Limited, pointed out that the school nets in Kowloon Tong, Kowloon City, and Ho Man Tin are of high quality. With a chronic shortage of rental listings, there is very little room for downward rental adjustments. Expatriate and professional families make up about 60% of tenants in the district, becoming the mainstay of the leasing market. Citing a three-bedroom unit at the Bloomsville in Kowloon City as an example, the owner recently asked for a monthly rent of about $38,000, but raised the asking price to $40,000 within three hours—an increase of over 5%—reflecting the severe short supply of rental properties in the district.
NTW rents fell for two consecutive weeks, dropping 1.58% WoW. Lam believes the decline is mainly related to the loss of some tenants. He noted that some tenants working at the airport have relocated to Zhuhai, as direct shuttle buses to Hong Kong provide relatively convenient transportation. These tenants no longer need to rent in Tung Chung, reducing demand in the district. Taking a three-bedroom unit at Caribbean Coast as an example, the monthly rent was about $21,000 over a year ago, but has recently fallen to about $18,000, representing a drop of over 10%.
Lam added that the district's overall performance remains relatively stable, though rents in individual estates have dropped by about 1% to 2%. Compared to last month, Caribbean Coast slightly decreased from $28-$30 to $28-$29 per square foot; Coastal Skyline fell from $32-$33 to $31-$32 per square foot; and Century Link dropped from $34-$36 to $33-$35 per square foot. Amidst quiet leasing activity, rents in the district's indicator estates have slipped slightly, and rents are expected to remain under pressure in the short term.
The 28Hse Research Department expects the ERI to fluctuate between 114 and 120 points in the short term. The local stock market rose from about 25,100 points before the holidays to nearly 25,900 points, an increase of over 3%. Coupled with the upcoming summer leasing peak season, this will help support rental performance. In the long run, the annual rental trend is expected to remain upward, with an estimated increase of 2% to 4%.
The above indices reflect market conditions from April 03, 2026, to April 09, 2026.
