Private property prices rose for the 12th consecutive quarter.

According to estimates released by the Urban Renewal Authority, non-landed private property prices in the core Central District rose by 1 per cent quarter-on-quarter; in the other Central Districts, they rose by 4 per cent, all of which were larger than the previous quarter; and in the mass market outside the Central District, they also reversed their decline and rose by 1.9 per cent.

However, the volume of private residential transactions fell by 8% quarter-on-quarter and 38% year-on-year in the previous quarter.

The slowdown indicates that some potential buyers are facing the double challenge of high interest rates and rising home prices, making private housing increasingly unaffordable, said Sun Yanqing, senior vice-president of research and analysis at OrangeEasy Properties.

The full report is scheduled to be released on 28th of this month.