The latest Eva Property Index (EPI) stood at 118.37, up 0.31% week-on-week (w-o-w), marking a four-week consecutive rise and reflecting a generally stable trend in overall home prices. However, regional performances continued to show divergent trends, recording two advances and two declines this week. Hong Kong Island and New Territories East (NT East) outperformed, rising 2.35% and 2.06% w-o-w, respectively. Conversely, Kowloon and New Territories West (NT West) faced downward pressure, falling 0.51% and 0.36%, respectively. Overall, recent regional price movements remain driven by the primary market: active sales of remaining inventory on Hong Kong Island, coupled with robust sales of new projects in NT East despite price hikes, have stimulated secondary market prices in their respective districts. In contrast, some new projects in Kowloon were launched close to market prices, absorbing significant purchasing power, which slowed secondary transactions and put short-term pressure on prices. As of early April this year, the overall EPI has recorded a cumulative increase of 3.12%, though it remains 18.79% below the historical peak of 145.76 recorded in August 2021.
Regarding the rental market, overall performance remained stable. The latest Eva Rental Index (ERI) stood at 117.39, edging up 0.03% w-o-w, halting its decline and continuing to hover at high levels. The index is currently just 0.97% shy of its historical peak of 118.54 recorded in August 2019. Although April is traditionally an off-season for leasing, rental trends have not shown significant weakening, supported by local housing demand, indicating resilient market absorption capacity.
Looking ahead, developers' launch paces and pricing strategies will continue to dictate property price trajectories. The rental market is expected to remain stable, underpinned by solid housing demand. In the short term, both price and rental indices are projected to fluctuate around their current levels.
Regional Price Indices Show Divergent Trends; Hong Kong Island and NT East Up Over 2% w-o-w
The latest regional price indices recorded two advances and two declines. Hong Kong Island and NT East registered stronger performances. Hong Kong Island rebounded to 108.31, up 2.35% w-o-w; NT East rose for the third consecutive week to 117.81, up 2.06% w-o-w.
The price rebound on Hong Kong Island was primarily driven by the primary market. Transactions for remaining stock in the district were active; for instance, the Headland Residences and Kennedy Bay sold 23 and 10 units, respectively. Although the second round of sales for DEEP WATER SOUTH Phase 6A was relatively slow, the overall primary market remains a focal point. Active primary transactions have prompted secondary owners in the district to narrow their room for negotiation, providing support for home prices.
Furthermore, secondary property viewing activities on Hong Kong Island have increased. According to Midland Realty data, weekend viewing appointments (March 28–29) at four major indicator estates on Hong Kong Island recorded 137 groups, up 1.5% w-o-w. Hong Kong Property Services data also showed that viewing appointments at two major estates in the district reached 29 groups during the same period, a 20.8% w-o-w increase. This indicates that while the primary market absorbed some purchasing power, it did not significantly dampen secondary market sentiment. Prospective buyers continue to seek suitable units in the secondary market, lending support to district prices.
In NT East, prices rose for a third consecutive week, largely due to ideal primary sales in the district. The first batch of LOHAS Park Phase 13B (La Mirabelle I) was launched with an average discounted price of $15,588 per square foot, about 5.5% to 9.8% higher than the Phase 12 series. Despite being approximately 5.5% to 9.8% higher than the Phase 12 series, all 254 units in the initial sales round were completely sold out. The presence of bulk purchasers entering the market has revitalized overall sentiment and bolstered buyer confidence within the district. Seeing solid market absorption, some secondary owners raised their asking prices, driving district prices upward. Additionally, the sale of 20 remaining units at Cloudview also supported district prices. Concurrently, viewing activities in the district became more active alongside primary sales. According to Hong Kong Property Services, viewing appointments in NT East recorded 164 groups, up approximately 5.1% w-o-w, reflecting steady buyer appetite and boosting overall prices.
Besides improved trading sentiment, a drop in listing volume also supported district prices. Calvin Chong, Sales Director at Century 21 Goodwin Property Consultants, noted that available listings in Sha Tin and Tai Wai significantly decreased ahead of the Easter holidays. With the market generally expecting an upward trend in overall property prices this year, many owners have adopted a firmer stance on asking prices. Recent transactions were dominated by upgraders, accounting for about 40%, reflecting robust buying desire and providing support for district prices.
Regarding the outlook for NT East, Chong added that with the upcoming launch of the major focal project, The Pavilia Farm III, its sales performance and pricing will serve as a crucial indicator for the district's property market. Based on current market conditions, transaction prices in some district estates are expected to hit two-to-three-year highs in the coming month.
Conversely, the Kowloon index registered a marginal decline this week, settling at 115.6, which represents a w-o-w drop of 0.51%. Some new projects in the district were launched close to market prices; notably, The Chester and Foto+ sold over 90% and 80% of their units in two sales rounds, respectively. These solid sales absorbed substantial purchasing power in the district. To enhance the competitiveness of their units, secondary owners generally widened their room for negotiation, keeping short-term prices under pressure.
Secondary viewing volumes also reflected a slowdown in transaction pace. According to Midland Realty data, weekend viewing appointments (March 28–29) at seven major indicator estates in Kowloon recorded approximately 205 groups, down about 3.3% from 212 groups the previous weekend. The launch of Chester diverted clientele from the secondary market, and with some prospective buyers temporarily holding off on purchases, the transaction pace slowed, further pressuring short-term district prices.
The NT West index was similarly under pressure this week, reporting at 120.84, down 0.36% w-o-w, marking a two-week consecutive decline. Primary transactions in the district were mainly driven by 9 deals in the Gold Coast Bay series. Meanwhile, secondary transactions slowed down, leading to pressure on overall prices.
In conclusion, recent regional price trends have been dominated by new primary projects: hot sales of new projects boosted secondary prices in the same districts, while projects launched at market prices diverted secondary purchasing power, putting pressure on prices. Looking ahead, developers' launch paces, pricing strategies, and interest rate trends will continue to influence price performance. The EPI is expected to fluctuate between 112 and 120 points in the short term.
Rental Index Hovers at High Levels, Edging Up 0.03%; Just 0.97% Below Historical Peak
The local secondary rental market maintained a stable performance. The latest ERI stood at 117.39, edging up 0.03% w-o-w, halting its decline. Current rental levels are approaching the historical peak of 118.54 recorded in August 2019, with the gap narrowing to just 0.97%. Despite April being a traditional off-season for leasing, rental trends have not shown significant weakening, supported by local family housing demand, and generally continue to hover at high levels.
Regarding regional trends, two advances and two declines were recorded this week. NT East performed better, with the index reporting at 121.71, up 0.51% w-o-w, reversing last week's downward trend. Kowloon rose for a second consecutive week, standing at 124.44, up 0.34% w-o-w. Meanwhile, Hong Kong Island and NT West softened, reporting at 124.62 and 135.50, down 0.51% and 0.81% w-o-w, respectively.
In the NT East rental market, Chong noted that rental absorption in the district has been ideal. Taking a two-bedroom unit in City One Shatin as an example, it was leased out within an hour of being listed. Other small units in the district can generally be leased within a week, while three-bedroom units are mostly leased within a month of listing. Overall, the absorption time for rental listings is largely normal, reflecting stable rental demand and providing support for district rents.
The 28Hse Research Department expects the ERI to fluctuate between 114 and 120 points in the short term. The market generally believes that the Middle East situation has a limited direct impact on the local property market, and the local stock market has not seen significant pressure. Coupled with the 1-month Hong Kong Interbank Offered Rate (HIBOR) remaining at low levels, these factors help support the rental market's performance. In the long run, rental trends are expected to remain upward throughout 2026, with an estimated annual growth of 2% to 4%.
The above indices reflect market conditions from March 27, 2026, to April 02, 2026.
