Hong Kong Home Prices Still 19% Below 2021 Peak as Rents Rise for 11th Month to Record

Home prices are still nearly 20% short of their peak, while rents keep setting new records. The latest figures from Hong Kong's Rating and Valuation Department (RVD) show the private residential price index edged up 0.19% month on month in September 2026, its second consecutive rise, while the rental index rose 0.47% in the same month to a new high.

The figures run to September 2026 and were reported on 28 October 2026 by The Standard and DimSum Daily. As of 3 November 2026, the territory-wide and by-class price and rental indices listed on the RVD website are likewise marked as figures up to September 2026; the site has also posted the October 2026 monthly supplement to the Hong Kong Property Review.

Prices up for a second month, still far from the peak

According to DimSum Daily, citing RVD figures, the private residential price index stood at 320.8 in September 2026, 0.19% higher than in August. The index peaked at 398.1 in September 2021; in other words, it remains about 19.42% below that peak.

The Standard reported that home prices rose a cumulative 7.1% in the first nine months of 2026.

By size, the pace differs. For larger flats of above about 1,075 sq ft in saleable area, the price index was 291.5, up about 0.8% month on month; for small and medium flats of about 1,075 sq ft or less, the index was 322.6, up only about 0.16%.

Rents up for 11 months, another record

Rents have risen more steadily. According to DimSum Daily, citing RVD figures, the September rental index was 212.2, up 0.47% month on month, the 11th consecutive monthly rise; the cumulative gain over those 11 months was about 6.15%, and the rise in the first nine months of this year was 5.84%. The Standard also reported that rents were up 6.2% year on year.

In the same month, prices rose by less than 0.2% while rents rose by nearly 0.5%, so the two lines are clearly moving at different speeds.

Comparing buying and renting: three sets of figures

The framework below only organises published figures. It does not forecast prices or rents, and it is not advice for any individual's circumstances.

1. Direction of travel: the price index has risen for two months, the rental index for 11. Comparing cumulative changes over the same period is more useful than looking at a single month. In the first nine months of this year, prices rose a cumulative 7.1% (The Standard's figure) and rents 5.84% (DimSum Daily, citing RVD figures).
2. Distance from the peak: the price index is still about 19.42% below its September 2021 peak, while the rental index is at a record high. The two sit at different points in their own histories.
3. Rental yield and mortgage rates: according to The Standard, quoting Derek Chan of Ricacorp, average gross rental yields are about 3.5% for small units and above 2.6% for other flat types, compared with an effective mortgage rate cap of 3.25% at most major banks. This is a property agency's view, not RVD data; as of November 2026, this publication has not verified it with the Hong Kong Monetary Authority or the banks.

Limits of this comparison

• The indices reflect the market as a whole and do not represent the actual price or rent of any particular estate or flat.
• Gross rental yield is before any expenses; actual returns must be calculated case by case.
• Buying also involves a down payment, stamp duty and monthly instalments. This article has no official data on these costs and has not calculated them.
• The index values of 320.8 and 212.2 cited here come from RVD data as relayed by the media.

Beyond the numbers: work out your own finances

The indices show which way the market is moving, but not which choice is better value. Looking at rental yields, mortgage rates and the distance of prices from their peak together at least shows which questions to ask. For decisions involving a mortgage or a home purchase, consult a licensed professional based on your own financial situation.

Prices and details correct as of November 2026

This article is general information, not investment, tax or insurance advice. Everyone’s circumstances differ; consult a licensed professional before making decisions.