高力估价及咨询服务高级董事及融资评估主管侯志港表示，7月楼市受印花税政策以及发展商去库存带 动，同时伴随租务踏入暑期旺季，租金指数继续上升，回报率吸引，有租客"转租为买"，使楼市交投有 回暖迹象，价格企稳。 租金方面，7月私人住宅租金指数为196.3点，比上月升0.56%，连升8个月。 侯志港分析，租金走势持续上升，主要是受到各项人才计划的推动影响，目前已升至过去5年最高水 平。未来租金走势取决于特区政府的政策如何促进"转租为买"、宏观经济发展和息口趋势等。 利嘉阁地产研究部主管陈海潮表示，香港整体楼市转势向好，预料楼价会持续上升。(完) 香港私人住宅楼价指数连升四个月 中新社香港8月27日电 (记者 魏华都)香港特区政府差饷物业估价署27日公布，2025年7月香港私人住宅 楼价指数为287.9点，比上月升约0.42%，连升4个月。 来源：中国新闻网 编辑：万可义 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

租金指数方面，7月香港私人住宅租金指数升至196.3，环比升0.56%，连升8个月，同比升1.29%。 当中，A类物业(40平方米以下)售价指数环比升0.39%；B类物业(40至69.9平方米)环比升0.39%；C类物 业(70至99.9平方米)环比月升0.78%；D类物业(100至159.9平方米)环比升0.15%；E类物业(160平方米或 以上)环比升0.2%。 智通财经APP获悉，香港楼价指数连升4个月。香港差饷物业估价署数据显示，7月香港私人住宅楼价指 数升至287.9，环比升0.42%，同比跌3.26%。中小型单位(100平方米以下)售价指数环比升0.45%；较大 面积单位(100平方米或以上)售价指数环比升0.19%。今年前7个月，私人住宅楼价指数跌0.45%；租金指 数升1.97%。 ...

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].

Investment Rating - The report maintains an "Overweight" rating for the real estate development sector and an "Overweight" rating for real estate services [1][6]. Core Insights - The Hong Kong private residential market experienced a rise in both transaction volume and prices in June, with private residential prices increasing for three consecutive months [1][2]. - The report highlights that the market is expected to improve due to factors such as potential appreciation of the Renminbi, spillover effects from the Hong Kong stock market, and a rebound in population [1][2]. - The report suggests that the local developers and commercial operators in Hong Kong are likely to see valuation recovery, particularly companies with ample land reserves and quality commercial assets along the MTR lines [1][6]. Summary by Sections Market Performance - In June, the number of new private residential transactions reached 2,140, up 28% month-on-month, while second-hand transactions totaled 3,605, up 11% month-on-month [1]. - For the first half of the year, new private residential transactions totaled 9,280, down 1.4% year-on-year, while second-hand transactions increased by 8.3% year-on-year to 18,452 [1][2]. Price Trends - The Hong Kong private residential price index stood at 286.7 in June, reflecting a month-on-month increase of 0.03%, marking three consecutive months of price increases [2]. - Rental prices also showed an upward trend, with the rental index rising by 0.31% month-on-month in June, continuing a seven-month streak of increases [2]. Interest Rates and Market Conditions - The one-month HIBOR averaged 0.68% in June, down 78 basis points from May, indicating a significant easing of the high-interest rate pressure that previously suppressed market demand [3]. - The report notes that the "supply exceeds demand" phenomenon continues, creating favorable conditions for first-time homebuyers [3]. Recommendations - The report recommends focusing on MTR Corporation (66 HK) and Link REIT (823 HK), with target prices of HKD 31.90 and HKD 50.59 respectively, both rated as "Overweight" and "Buy" [6][18].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The comprehensive improvement in Hong Kong's economy, population, policies, and financial environment provides a solid foundation for the recovery of the property market [4] - Policy relaxation has led to a surge in new home transactions, while the second-hand housing market shows significant differentiation [5] - The recovery of Hong Kong's property market is driven by the synergy of policies, population, and finance [6] Summary by Sections 01 Changes in Hong Kong's Fundamentals - Hong Kong is positioned as a global financial center with significant roles in international shipping, offshore RMB, and wealth management, contributing nearly 25% to GDP from financial services [6][14] - The population rebounded to 7.5 million in 2023, driven by talent introduction policies and international dynamics, enhancing purchasing power and market signals [18][34] - The median monthly household income reached 30,000 HKD by March 2025, supporting a recovery in housing demand as rental yields improved [34] - The "withdrawal of spicy policies" in February 2024, including the cancellation of stamp duties, stimulated demand and significantly increased new home transactions [6][47] 02 Analysis of Hong Kong's Property Market - New home transactions surged to 16,800 units in 2024, a 59% increase year-on-year, with significant growth in Hong Kong Island [57] - The second-hand housing market saw 31,200 transactions in 2024, a 13% increase, with a notable rise in transactions below 4 million HKD [66] - The competitive landscape is concentrated, with the top five developers holding nearly 50% market share, showcasing a mix of local giants and mainland firms [87] 03 Overview of Hong Kong Property Companies - The competitive structure of the Hong Kong property market consists of local giants, mainland developers, and medium-sized firms, with the top five developers being Sun Hung Kai Properties, Henderson Land, Cheung Kong, Wheelock, and Kerry Properties [87][88] - Each type of developer has distinct characteristics, with local giants focusing on high-end residential and integrated developments, while mainland firms target specific areas and market segments [88]