Entering late April, the sentiment in the local property market has turned increasingly active. This week, the Eva Property Index (EPI) reported at 118.44 points, representing a week-on-week (WoW) increase of 0.64% and terminating a two-week consecutive decline. In the first four months of this year, property prices have accumulated a 4.39% increase; however, compared to the historical peak of 145.76 points recorded in August 2021, the index remains 18.74% lower.
All four major district property price indices posted gains this week, with the broader market trajectory predominantly driven by primary market sales. Transactions for several focal new developments, such as One Victoria Cove Phase 1, The Pavilia Farm III, and the KT Marina series, were robust. The inaugural launch of Lime Spark recorded an oversubscription, which, coupled with the same-day additional batch release of Gold Coast Bay-The Uppland, further consolidated market sentiment. Prospective buyers who failed to secure primary units have gradually returned to the secondary market to hunt for properties, prompting secondary owners to adopt more aggressive asking prices and driving overall transaction values upward.
Regarding the rental market, the latest Eva Rental Index (ERI) stood at 118.12 points, up 0.21% WoW, marking a five-week consecutive rise. The index has accumulated a 1% increase in the first four months of the year, sitting a mere 0.35% below the historical peak of 118.54 points recorded in August 2019. Although April is traditionally a low season for leasing, leading to a retreat in all four district rental indices, individual high-priced transactions in the luxury residential sector supported the broader market, enabling overall rents to maintain a steady upward momentum.
Looking ahead, developers' launch paces, pricing strategies, and primary sales performances will continue to dictate the trajectory of property prices. On the rental front, demand is expected to rebound significantly as the summer leasing peak season approaches. In the short term, both property prices and rents are poised to remain stable and positive.
Robust Primary Sales Stimulate Market Sentiment; Four District Property Price Indices Rise Across the Board
All four major district property price indices trended upward this week, primarily fueled by strong primary sales. The Kowloon district rose for three consecutive weeks, reporting at 117.78 points, up 1.73% WoW, leading the gains. The Hong Kong Island district ended its two-week decline, reporting at 106.37 points, up 0.62% WoW. The New Territories West district rose for two consecutive weeks to 122.26 points, up 0.56% WoW; similarly, the New Territories East district rose for two consecutive weeks to 116.9 points, up 0.2% WoW. Analysts attribute this to the generally solid sales of new projects and remaining inventory across various districts, with individual projects recording oversubscriptions. The spillover of purchasing power into the secondary market has collectively driven both secondary transaction volumes and prices upward.
The primary market in Kowloon performed exceptionally well. One Victoria Cove Phase 1 was launched in two rounds on April 25 and April 30, selling out all 338 units, which included 218 units in the first round and 120 units in the second. The KT Marina series and MIAMI QUAY series sold 59 and 26 units respectively, reflecting brisk sales of remaining inventory. The Victoria Voyage series and Phase 1 of Highwood also recorded 13 transactions each. Under the heated primary market sentiment, secondary transactions and prices in the district advanced in tandem.
Remaining inventory on Hong Kong Island was equally sought after, with the Deep Water South series, Blue Coast, and the Headland Residences each recording 8 to 12 transactions. Blue Coast sold 10 units this week, of which 8 were forfeited units that sold out within an hour of the announcement; individual units were transacted at prices 20.4% higher than two years ago. In addition to the strong sales of unsold stock, PORTO launched its first batch of 50 units on April 28 at an average discounted price of $22,318 per square foot. This pricing is over 30% higher than the initial launch of its affiliated project COASTO in the same district, and the entry-level per-square-foot price for a two-bedroom unit is approximately 31% higher than recent transactions at the neighboring secondary estate, Sham Wan Towers. The developer's aggressive pricing strategy reflects confidence in the project and the district's outlook, providing solid support for Hong Kong Island property prices.
In New Territories West, the focus this week was on the new project Lime Spark. The project launched its first batch on April 28 at an average discounted price of $17,177 per square foot, which is approximately 3.17% lower than the $17,740 per square foot launch price of its affiliated project, the Aurora, in August 2019. The market-aligned pricing successfully attracted buyers citywide. Victor Chung, Senior Area Sales Manager at Midland Realty, noted that Lime Spark received an enthusiastic subscription response. Buyers who failed to select their preferred units pivoted to the district's secondary market, directly boosting local housing demand and property prices. He pointed out that approximately 60% of this week's buyers were first-time homebuyers, while the remaining 40% were investors seeking rental yields. With local interest rates slowly declining over the past three years, time deposit rates have retreated from a peak of 4% to approximately 2.5%, whereas residential rental yields stand at about 3.5%, prompting a shift of capital into the property market for wealth preservation.
Another new project, Gold Coast Bay-The Uppland, released its Price List No. 6 on the same day at an average discounted price of $14,626 per square foot. After reducing discounts and introducing special units, prices were raised by approximately 29% compared to the previous price list, with the actual increase for units in the same column reaching up to 32.23%. This aggressive pricing strategy adopted by the developer sends a positive signal to the market, reflecting the industry's robust confidence in the future market outlook. According to Midland Realty data, weekend viewing appointments at two major indicator estates in New Territories West recorded 102 groups, up 4.08% WoW, reflecting solid secondary absorption capacity. Chung added that the recent strong performance in New Territories West is also linked to infrastructure and demographic advantages: commuting from Tsuen Wan and Tuen Mun to the urban core or the airport takes only 30 to 40 minutes, and unit sizes are generally more spacious than those in urban areas. Taking Tsuen Wan as an example, the median household income of its residents has risen to the fifth highest in the city in recent years, indicating robust upgrading and purchasing power. As low-priced inventory is gradually digested, listings priced below $4 million now account for less than 10% of the district's total, indicating that property prices are stabilizing.
New Territories East was similarly dominated by the primary market. The Pavilia Farm III sold a total of 106 units this week, with the second batch of 75 units completely sold out. The developer even raised prices for select units on April 30, with the maximum increase reaching 29%. La Mirabelle I and Cloudview also recorded 25 and 12 transactions, respectively. Driven by hot primary sales, secondary owners observed improved absorption capacity and subsequently raised their asking prices, propelling overall property values upward. Property viewing sentiment has also become more active; Midland Realty data showed 117 weekend viewing groups at two major indicator estates in New Territories East, up 1.74% WoW, while Hong Kong Property Services reported 159 groups across four major indicator estates in the district, up 0.63% WoW, reflecting steady buyer appetite.
Synthesizing this week's trends, property price performance was evidently led by primary market sales. The strong reception of new projects provided support for secondary properties in the same districts, creating a dynamic where the primary market drives the secondary market. Looking ahead, developers' launch paces and pricing strategies will continue to influence property price movements. 28Hse Limited Data Researcher Alex Cheung predicts short-term EPI movements will remain confined to the 112 to 124-point range.
Active Luxury Transactions; Rental Index Rises for Five Consecutive Weeks, Just 0.35% Shy of Peak
The ERI rose for the fifth consecutive week, currently reporting at 118.12 points, up 0.21% WoW. This marks the first time the index has reclaimed the 118-point level since mid-August 2019, a gap of 6 years and 8 months. The index has accumulated a 1% increase year-to-date, falling just 0.35% short of the historical peak of 118.54 points recorded in August 2019. With the traditional leasing peak season from May to August approaching, the index is expected to break historical records in the short term.
However, all four major district sub-indices weakened this week. Kowloon reported at 124.81 points, down 0.24% WoW, marking a two-week decline. New Territories West reported at 133.73 points, down 0.22% WoW, also falling for two consecutive weeks. Hong Kong Island reported at 127.91 points, down a marginal 0.06% WoW, ending a three-week rising streak. New Territories East reported at 121.47 points, down a marginal 0.02% WoW, representing a two-week decline.
While the overall rental index trended upward, the district sub-indices fell across the board. Analysts suggest the key lies in the recent high activity of luxury residential leasing; individual high-priced transactions bolstered the overall aggregate data, whereas rents in mass-market estates generally faced downward pressure. For instance, a two-bedroom unit at SPRING GARDEN was leased this week for $39,800, achieving a high of $100 per square foot and setting a new record for the district.
Regarding the softening of rents in New Territories West, Chung analyzed that the volume of premium rental listings in the district decreased by about 20% WoW. The remaining available listings on the market are of mixed quality, dragging down this week's average rental data. He further noted that with the traditional leasing peak season approaching, coupled with the influx of professionals driven by various talent admission schemes, the number of professional tenants in the district has increased by about 20% year-on-year. These tenants generally prefer the Tsuen Wan West area due to its comprehensive transport infrastructure. It is anticipated that rental properties in the district will become highly sought after, and rents are expected to maintain an upward trajectory throughout the year.
Looking forward, Cheung expects the ERI to fluctuate between 114 and 120 points in the short term, as the summer peak season unleashes further leasing demand. In the long term, the annual rental trend remains positive, with an estimated full-year growth ranging from 2% to 4%.
The above indices reflect market conditions from April 24, 2026, to April 30, 2026.
