Hong Kong Rating and Valuation Department: January property price index falls by 0.45%, marking a second consecutive month of decline and hitting a new low in nearly 8 and a half years.

According to data from the Hong Kong Rating and Valuation Department, the private residential price index in January fell to 287.6, marking a two-month consecutive decline and hitting a near 8.5-year low. In January, property prices decreased by 0.45% on a monthly basis and 6.4% on an annual basis. Last month, prices of medium to small-sized units decreased by 0.4% monthly and 6.4% annually, while prices of large-sized units dropped by about 1% monthly and 5.1% annually. In January, the private residential rental index increased for two consecutive months to 192.9, reaching the highest level in four months. The rental prices rose by approximately 0.42% monthly and 4% annually. Both medium to small-sized units and large-sized units saw an increase of over 0.4% monthly, with annual increases of over 4% and nearly 1.8%, respectively.