Hong Kong’s housing market continues to strengthen. The Eva Property Index (EPI) has now risen for five consecutive weeks, closing at 111.8 points, up 0.39% week‑on‑week. This marks the second time that the index has surpassed the pre‑withdrawal low of 110.92 points. Compared with the start of the year, the index has gained 4.55%, though it remains approximately 23.29% below the August 2021 peak of 145.76 points. Analysts attribute the gradual recovery to the late‑October interest rate cut by the US Federal Reserve and the concurrent reduction in prime mortgage rates by Hong Kong banks, which lowered acquisition costs and released pent‑up demand. Improving Sino‑US relations have further bolstered sentiment and stimulated transaction activity.
On the rental side, the Eva Rental Index (ERI) ended last week’s upward trend, closing at 116.36 points, down 0.56% week‑on‑week and retreating from this year’s high of 117 points. Sub‑regional rental indices also declined across the board, reflecting a moderation in demand following the end of the summer leasing season. Nevertheless, structural demand remains resilient, supported by the government’s Quality Migrant Admission Scheme. In the near term, the rental index is expected to fluctuate narrowly between 116 and 120 points, with potential to retest the historical high of 118.54 points recorded in August 2019.
Kowloon Transactions Drive Price Growth; “Three Up, One Down” Pattern Signals Continued Recovery
This week’s regional housing price indices reflected a “three rises, one decline” pattern. Among them, Kowloon recorded the most notable increase, closing at 111.19 points, up 1.29% week‑on‑week and marking three consecutive weeks of growth. The upward momentum was largely driven by sales at the Cullinan Sky Phase 2 and the KT Marina, coupled with developers setting the launch price of the first batch of units at the Cullinan Sky Phase 2 at an average level approximately 30% higher than that of Phase 1. This pricing strategy has further strengthened confidence among secondary market owners in the district, underscoring the continued buoyancy of Kowloon’s property market and contributing to the overall rise in housing prices.
In comparison, the New Territories East index stood at 112.75 points, up 0.61% week‑on‑week and extending its winning streak to five weeks, while New Territories West reported 116.92 points, up 0.59% week‑on‑week for the third consecutive week of gains. Conversely, Hong Kong Island registered 99.42 points, down 0.51% week‑on‑week, reversing the upward trend of the past two weeks.
In the New Territories East, the GRAND SEASONS at Lohas Park in Tseung Kwan O continued to register strong sales this week, successfully clearing a significant portion of remaining first‑hand inventory. The sustained absorption reflects market confidence in the district’s outlook and supports a steady upward trend in local housing prices.
In the New Territories West, the Gold Coast Bay·The Reserve at Tuen Mun launched an additional 74 units this week, with an average discounted price of HK$12,888 per square foot—around 4% higher than the previous price list. At the same time, the developer revised the pricing of 34 units in the Reserve and Phase 1 of the Gold Coast Bay⋅the Uppland, raising prices by approximately 1% to 4%. The price adjustments demonstrate the developer’s confidence, signaling further warming in the property market and lending support to continued price growth in the district.
On Hong Kong Island, the second round of sales at SPRING GARDEN was fully sold out. The attractive pricing has put short‑term pressure on the secondary market, with owners compelled to cut prices in order to remain competitive.
Looking ahead, market consensus suggests that overall sentiment will continue to improve, aided by lower interest rates and easing geopolitical tensions. With the Eva Property Index (EPI) having surpassed the pre‑withdrawal low of 110.92 points, it is expected to hover between 107 and 114 points in the short term. Housing prices are likely to maintain a stable upward trend, with cumulative gains for the year estimated at 5–6%.
Rental Index Retreats to 116.36 Points; Structural Demand Provides Support
Following the end of the summer leasing season, growth in rental demand has moderated. The latest weekly Eva Rental Index reversed last week’s gain, closing at 116.36 points, down 0.56% week‑on‑week and retreating from this year’s high of 117 points. Compared with the historical peak of 118.54 points in August 2019, the index is only 2.18 points, or 1.83%, lower. Year‑to‑date cumulative growth remains at 2.36%.
Sub‑regional rental indices all weakened. Hong Kong Island fell 1.63% to 122.58 points, marking two consecutive weeks of decline and reflecting softer absorption capacity. New Territories East dropped 0.89% to 118.39 points, ending a two‑week rising streak. New Territories West retreated 0.86% to 138.54 points, reversing four weeks of gains. Kowloon eased 0.59% to 118.75 points, with its recent upward momentum pausing. Overall, rental trends show mild adjustment, though structural demand remains intact.
Looking forward, rental demand is expected to stay robust, supported by the influx of talent under the Quality Migrant Admission Scheme. Rental levels are likely to remain elevated, with the index projected to fluctuate between 116 and 120 points over the next two months and potentially surpass the historical high of 118.54 points.
These figures reflect market conditions from November 07 to November 13, 2025.
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