香港楼市正在逐步复苏。 清晨，罗湖口岸的过关人流已开始涌动。"我每天早上7点出门，从罗湖口岸过关去香港上班，全程算下来接近一个小时左右，即便是麻烦了点，但可以省 下不少钱。"在香港工作的陈胜（化名）之前租住在香港大学附近。现在，尽管每天需要花费两个小时在通勤上，但他并不后悔这一选择。 越来越多的数据显示，香港楼市正稳步复苏，租金也跟着水涨船高。美联"租金走势图"显示，今年10月以实用面积计算的私人住宅平均呎租报约38.71港 元，环比微跌约0.18%，连升8个月后稍作调整。不过，美联物业分析师岑颂谦认为，传统的租赁旺季结束，租金也仅仅轻微回落，今年前10个月香港租 金仍累计上涨2.76%，高于2019年7月的纪录高位38.33港元。"随着香港本地住屋需求增加，加上政府积极吸纳人才，私人住宅平均呎租短期内会高位震 荡，明年有望继续上升。" 陈胜告诉记者，自己之前在香港大学附近租住的房源，月租金较去年同期上涨近1000港元，相当于不到深圳40平方米的户型，租金要1.5万港元到1.6万港 元左右，而且那边租住的客源很多来自于通过香港高才通、优才计划赴港的人士。 （香港出租房源吴家明/摄） 现在，陈胜搬回了罗湖口岸旁 ...

清晨，罗湖口岸的过关人流已开始涌动。"我每天早上7点出门，从罗湖口岸过关去香港上班，全程算下来接近一个小时左右，即便是麻烦了点，但可以省下不少 钱。"在香港工作的陈胜（化名）之前租住在香港大学附近。现在，尽管每天需要花费两个小时在通勤上，但他并不后悔这一选择。 越来越多的数据显示，香港楼市正稳步复苏，租金也跟着水涨船高。美联"租金走势图"显示，今年10月以实用面积计算的私人住宅 平均呎租 报约38.71港元，环比 微跌约0.18%，连升8个月后稍作调整。不过，美联物业分析师岑颂谦认为，传统的租赁旺季结束，租金也仅仅轻微回落，今年前10个月香港租金仍累计上涨 2.76%，高于2019年7月的纪录高位38.33港元。"随着香港本地住屋需求增加，加上政府积极吸纳人才，私人住宅平均呎租短期内会高位震荡，明年有望继续上升。" 陈胜告诉记者，自己之前在香港大学附近租住的房源，月租金较去年同期上涨近1000港元，相当于不到深圳40平方米的户型，租金要1.5万港元到1.6万港元左右， 而且那边租住的客源很多来自于通过香港高才通、优才计划赴港的人士。 香港楼市正在逐步复苏。 责编：李丹 校对：杨立林 版权声明 （香港出租房源 ...

十大屋苑中，10月共有3个屋苑呎租环比逆市上升及1个屋苑持平，以海怡半岛的平均呎租环比升幅最 大，升约1.3%；沙田第一城及美孚新村则分别录约0.9%及约0.6%的环比升幅。 若以今年内租金计算，十大屋苑则有8屋苑上升。当中美孚新村及丽港城呎租升幅最大，同样较去年12 月上升约6.3%。相反，映湾园呎租较去年12月下跌约7.6%，康怡花园年内呎租亦跌约1.3%。 铁路盘方面，10月份部份铁路沿线屋苑的环比呎租升幅较大，其中利东站深湾轩环比升约8.9%，大埔 墟站新达广场呎租升约7.8%；土瓜湾站半山壹号、奥运站柏景湾、佐敦站港景峰分别录约7.6%、约6% 及约4.7%环比升幅。 智通财经APP获悉，据美联"租金走势图"10月份以实用面积计算的私人住宅平均呎租报约38.71港元，环 比微跌约0.18%，连升8个月后稍作调整。 美联物业分析师岑颂谦认为，纵使租赁旺季完结，租金亦仅轻微回落，今年首10个月租金仍累升约 2.76%，较对上一次的2019年7月纪录高位38.33港元依然高出约0.99%。 随着香港住屋需求殷切，加上政府积极吸纳人才，人才与受养人持续来港，相信私人住宅平均呎租短期 会于高位窄幅上落，明年有 ...

Core Insights - The Hong Kong real estate market is showing signs of stabilization after experiencing multiple cycles, with a notable increase in private residential price index by approximately 1.3% month-on-month in September, marking four consecutive months of price growth [1] - Factors contributing to the rise in property prices include a "super rebound" from previous declines, optimistic expectations regarding economic recovery, and a decrease in mortgage rates encouraging buyers to enter the market [2] Group 1: Market Performance - The private residential price index reached 292.5 points in September, reflecting a month-on-month increase of about 1.3% [1] - Over 45 transactions of new homes exceeding 100 million HKD were recorded in the second half of the year, totaling 10.2 billion HKD [1] Group 2: Buyer Sentiment and Trends - The number of negative equity residential mortgage loans decreased to 31,449, involving 156.8 billion HKD, with a quarterly reduction of 6,357 loans, attributed to rising property values [1] - Increased buyer interest from mainland China is noted, with a 7% rise in transactions by Mandarin-speaking buyers in Q3 compared to Q2, totaling 3,797 transactions [2] Group 3: Policy and Economic Factors - Continuous optimization of talent and investment policies in Hong Kong is attracting professionals, entrepreneurs, and high-net-worth individuals, injecting new vitality into the real estate market [2] - The high rental yield in Hong Kong remains a significant factor for mainland buyers considering property investments [2]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [6]. Core Insights - The Hong Kong private residential market experienced a seasonal adjustment in August, with transaction volumes declining month-on-month, but showing significant year-on-year growth, indicating an improving market sentiment [1][2]. - Property prices have shown signs of stabilization, with a continuous increase for five months, reflecting a gradual recovery in the market [3]. - The report anticipates that the market will continue to improve due to the Federal Reserve's interest rate cuts, which are expected to lower local interest rates in Hong Kong, alleviating mortgage pressures and stimulating demand for property transactions [1][2]. Summary by Sections Market Performance - In August, the number of new residential transactions was 1,775, down 5% month-on-month, while the total transactions from January to August reached 12,924, up 13.4% year-on-year, marking the highest level since 2020 [2]. - The secondary market saw 3,131 transactions, a 10% decrease month-on-month, but maintained above 3,000 transactions for five consecutive months, with a year-to-date increase of 14.9% [2]. Price Trends - The Hong Kong private residential price index reached 288.5 in August, with a month-on-month increase of 0.14%, marking a cumulative increase of 4.62% over five months [3]. - Rental prices have also risen, with the rental index increasing by 1.85% year-on-year and 1.12% month-on-month, reaching the highest level since August 2019 [3]. Interest Rates and Mortgage Market - The one-month HIBOR average rose to 3.29% in September, up 0.25 percentage points month-on-month, continuing a three-month upward trend [4]. - The rental yield for Class A private residential properties in Hong Kong remained at 3.7%, exceeding the mortgage cap rate of 3.5%, indicating a persistent "renting over buying" phenomenon [4]. Recommended Companies - The report recommends focusing on companies with substantial land reserves and quality commercial assets, specifically: - Link REIT (823 HK) with a target price of 50.59 HKD and a "Buy" rating [9][22]. - Sun Hung Kai Properties (16 HK) with a target price of 111.51 HKD and a "Buy" rating [9][23]. - MTR Corporation (66 HK) with a target price of 29.90 HKD and an "Overweight" rating [9][25].

Core Insights - The completion of private residential units in Hong Kong has rebounded this year, with approximately 11,758 units completed in the first seven months, representing a significant increase of about 3,055 units or 35.1% compared to the same period last year [1][2] Group 1: Completion Data - In July 2025, around 1,695 private residential units were completed, reflecting a month-on-month decrease of approximately 35.7% [1] - The New Territories showed the best performance in July, with 1,388 units completed, a substantial increase of about 66.8% from June, marking the highest monthly completion since December 2024 [1] - The Kowloon district saw 299 units completed in July, a significant month-on-month decline of about 43.5%, but the total for the first seven months reached 7,557 units, an increase of approximately 1.8 times year-on-year [1] - The Hong Kong Island district had the lowest completion in July, with only 8 units, a drastic month-on-month drop of about 99.4%, yet the total for the first seven months was 1,859 units, a year-on-year increase of approximately 3.6 times [1] Group 2: Unit Size Distribution - Among the completed units this year, those with a usable area of approximately 431 square feet or less accounted for 6,297 units, representing about 53.6% of the total completions, an increase of approximately 28.5% year-on-year [1] - The completion of medium-sized private residential units, with a usable area between 431 to 752 square feet, reached 3,957 units, making up about 33.7% of the total, with a significant year-on-year increase of approximately 43.1% [2]

Core Viewpoint - The Hong Kong private residential property price index has increased for four consecutive months, reaching 287.9 points in July 2025, reflecting a month-on-month rise of approximately 0.42% [1] Property Market Analysis - The rise in property prices is attributed to the impact of stamp duty policies and developers' inventory reduction efforts, alongside a seasonal increase in rental demand during the summer [1] - The rental index for private residential properties reached 196.3 points in July, marking a month-on-month increase of 0.56% and continuing an upward trend for eight months [1] Rental Market Insights - The ongoing increase in rental prices is driven by various talent programs, with current levels being the highest in the past five years [1] - Future rental trends will depend on government policies promoting "rent-to-buy" schemes, macroeconomic developments, and interest rate trends [1] Market Outlook - The overall sentiment in the Hong Kong property market is improving, with expectations for continued price increases [1]

Core Insights - Hong Kong's property price index has risen for four consecutive months, reaching 287.9 in July, with a month-on-month increase of 0.42% and a year-on-year decrease of 3.26% [1] Price Index Summary - The price index for small units (below 100 square meters) increased by 0.45% month-on-month, while larger units (100 square meters or above) saw a smaller increase of 0.19% [1] - For the first seven months of the year, the private residential price index has decreased by 0.45% [1] Rental Index Summary - The rental index for private residential properties in Hong Kong rose to 196.3 in July, marking a month-on-month increase of 0.56% and a year-on-year increase of 1.29%, continuing an upward trend for eight months [1]

Core Viewpoint - The Hong Kong real estate market is experiencing a dichotomy where rental prices are rising to historical highs while property prices continue to decline, influenced by the influx of new residents, particularly from mainland China and international students [1][6]. Rental Market Dynamics - The rental index in Hong Kong reached 195.6 points in June, marking a year-on-year increase of 1.6%, the highest in nearly six years [1]. - Areas near major universities, particularly those favored by mainland students, have seen rental prices increase by over 10% [2]. - The average rent for properties near Hong Kong universities has risen significantly, with some units increasing by approximately 1,000 HKD per month compared to the previous year [3]. New Residents Impact - The influx of "new Hong Kong residents" (新港漂), including skilled workers and students, is driving demand in the rental market [1][4]. - Many new residents are opting for shared accommodations due to high rental costs, leading to the emergence of roles like "hall master" among students [3]. Property Price Trends - The private residential price index in Hong Kong was reported at 286.7 points in June, reflecting a year-on-year decrease of 5.22% and a cumulative decline of 0.86% for the first half of the year [6]. - Despite a slight month-on-month increase, property prices remain nearly 28% lower than their peak in September 2021 [6]. Market Activity and Future Outlook - The real estate market has seen increased transaction activity, with over 2,000 transactions recorded in July, a 30% increase from June [6]. - Optimistic forecasts suggest that property prices may rise by approximately 5% over the year, driven by low interest rates, favorable stock market conditions, and rising rental yields [7].

Core Insights - The rental market in Hong Kong is experiencing significant growth, with rental prices reaching a six-year high, while property prices continue to decline, indicating a stark contrast in the real estate market dynamics [1][8][12] Rental Market Dynamics - The rental index in June reached 195.6 points, a year-on-year increase of 1.6%, while the private residential price index fell to 286.7 points, a decrease of 5.22% year-on-year [1][8] - The influx of "new Hong Kong drifters" (individuals moving to Hong Kong under talent attraction policies) and mainland students is driving demand in the mid-to-high-end rental market [1][4] - Average rental prices near major universities have increased, with some areas seeing rises of over 10% [2][4] University Rental Trends - The average rental price per square foot near the "Eight Major Universities" in Hong Kong has shown significant increases, with some areas reporting a rise of 12.7% [3][4] - The demand from mainland students is a key factor in the rising rental prices, as universities expand their intake of non-local students [4][12] Property Price Trends - The private residential price index has seen a cumulative decline of 0.86% in the first half of the year, with a significant drop of nearly 28% from the historical peak in September 2021 [11][12] - Despite a recent uptick in transaction volumes, property prices remain under pressure due to rising interest rates and market uncertainty [11][12] Market Outlook - The rental market is expected to continue its upward trend, with projections indicating a potential annual increase of 6% in rental prices [8][12] - Optimistic forecasts suggest that property prices may rise by approximately 5% over the year, driven by low interest rates and increasing rental yields [12]