Home Prices Show Another Jump In February

Private home prices continued to rise in February, reaching yet another record for the 16th month in a row, official data showed.

Figures from the Ratings and Valuation Department showed home prices grew 1.6 percent in February, slightly higher than the 1.5-percent increase recorded in January.

Hong Kong home prices have been on the rise for the last 23 months, with a 34 percent jump over that period.

The government had introduced several measures to cool prices, but nothing seems to be working. Despite introducing measures like extra stamp duty, home prices are up 16 percent on a year ago.

In February, small-sized apartments jumped 1.8 percent from January prices while medium-sized apartments saw prices go up 1.7 percent. Luxury units saw smaller increases.

Rents in the city have also rebounded, rising 0.1 percent in February after a fall in the previous month.