Home Prices See Biggest Jump In Six Months

Hong Kong home prices were up by nearly 3 percent in March compared with the previous month, the biggest jump since October last year.

Government data released on Tuesday showed that since the start of the year, overall prices have gone up by 5 percent.

Hong Kong home prices are one of the highest in the world and the government had introduced measures, such as additional stamp duty and a proposed vacancy tax, to tackle the situation.

These steps had led to a reversal in prices last year and they fell for five months from August. But they began to rise again this year.

In March, prices for smaller private flats increased at a slightly higher rate than those for bigger flats.

For units smaller than 430 square feet, prices went up 3.1 percent in March, and flats between 430 and 750 square feet were up 3 percent.

Flats bigger than 750 square feet were 2.8 percent more expensive in March compared to February.

Rents also went up by a little more than 0.8 percent in March, the first time they increased after falling for four consecutive months.