香港月刊2025年6月

ChangeMoM%-0.1-0.5-0.40.0-0.2-0.9-1.20.0-3.00.00.6-0.5-3.0-1.4 knightfrank.com.hk/researchFig 1. Grade-A office rents2007 = 100Hong Kong Island rental indexKowloon rental indexSource: Knight Frank Research20072008200920102011201220132014201520162017201820192020202120222023VacancyJan 19%May 25%----1.213.51.97.91.310.91.711.41.56.16.916.61.113.31.88.71.925.211.310.97.519.8--Source: Knight Frank ResearchNote: Rents and Vacancies are subject to revision. 50709011013015017019020242025YoY%-6.6-7.2-6.9-8.7-9.3-3.1-7.3-9.8-6.9-4.3-6.3-4.6-13.0-11.2 ResidentialFig 2. Luxury residential rents and prices2007 = 100Price indexRental index20072008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Home prices tracked by the Rating and Valuation Department (RVD) in Hong Kong broke afour-month decline in May, posting a modest 0.4% MoM increase, though they remain down1.2% YTD. During the month, three new residential projects launched, bringing 1,481 units tomarket. Among them, Sierra Sea (Phase 1B) stood out, selling 95% of its 794 units and 40% werereported as Mainland buyers. The strong uptake was largely fuelled by developer incentives,including flexible payment options, attractive mortgage schemes and rental perks. In contrast,the luxury market continues to see muted activity, with discerning buyers facing limitedavailability of distinctive properties.Selected residential sales transactions(May 2025)DistrictBuildingThe PeakCarolina GardenJardine's LookoutDukes PlaceMid-Levels CentralGrenville HouseStanleyNo. 50 Stanley Village RoadHo Man TinSt. George's MansionsSelected residential lease transactions(May 2025)DistrictBuildingRepulse BayThe LilyMid-Levels CentralMay TowerHo Man TinUltimaMid-Levels CentralDynasty CourtHappy ValleyThe Leighton Hill 7090110130150170190210Source: Knight Frank Research2025502007 2008 2009 20102011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Source: Knight Frank Research / Rating and Valuation DepartmentFig 3. Mass residential rents and prices2007 = 100Price indexRental indexTower / floor / unitSaleable area(sq ft)(HK$ million)Tower B, 6/F, Unit B122,7008-9/F, Duplex, Unit A2,846Tower G, 5/F, Unit G3,280House 82,895Tower 2, 15/F, Unit B1,868Note: All transactions are subject to confirmation.Tower / floor / unitLettable area(sq ft)Monthly rentTower 2, Low- Floor2,541Tower 1, Mid-Floor, Flat 32,218Phase 1, Tower 6, High-Floor,Flat 31,266Block 2, High- Floor, Flat A2,141Block 8, Mid- Floor, Flat A1,240Note: All transactions are subject to confirmation. We like questions. If you’ve got one about our research, or would like some property advice,we’d love to hear from you.Research & ConsultancyMartin WongSeniorDirectorHead of Research & Consultancy,Greater China+852 2846 7184martin.wong@hk.knightfrank.comFig 4. Retail rents and salesPrice index2011 = 100204060801001201401601800201120122013RetailDuring the first four months of the year, retail sales dropped 5.6% YoY, accompanied by a noticeableincrease in store closures. Retailers are taking a more restrained approach to expansion, leadingto lower transaction volumes. The sector’s downturn is largely attributed to weakening localconsumption, driven by demographic shifts like an ageing population. Both the negative wealth effectstemming from a faltering property market and a decelerating economy are weighing on consumerspending power. Additionally, tourists are showing a stronger preference for experiences over high-end shopping.Apr 2025Apr 2019DifferencesLatest Tourism Statistics – Chinese mainland visitors Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide including developers, investors,funding organisations, corporate institutions and the public sector. All our clients recognise the need for expert independent advice customised to their specificneeds.Important Notice:©Knight Frank 2025: This document and the material contained in it is general information only and is subject to change without notice. Allimages are for illustration only. No representations or warranties of any nature whatsoever are given, intended or implied. Knight Frank will not be liable for negligence,or for any direct or indirect consequential losses or damages arising from the use of this information. You should satisfy yourself about the completeness or accuracyof any information or materials and seek professional advice in regard to all the information contained herein.This document and the material contained in it is the property of Knight Frank and is given to you on the understanding that such material and the ideas, concepts andproposals expressed in it are the intellectual property of Knight Frank and protected by copyright. It is understood that you may not use this material or any part of it forany reason other than the evaluation of the document unless we have entered into a further agreement for its use. This document is provided to yo