Existing-home prices fell 15.6% last year, the largest annual decline since the Asian financial crisis in 1998.

The Hong Kong property market is expected to rebound later this year from a dismal 2022 that saw sales and prices plummet. A stock market rally, borders reopening and a focus on rejuvenating the economy have shored up investors' confidence.

In the meantime, the Hong Kong property market presents a strong buying opportunity while some uncertainties remain pertaining to interest rates and economic growth locally and globally, experts say.

"This year shall be a better timing as Hong Kong's economy shall recover gradually, benefitting from the border reopening and ease of Covid restrictions," said Franky Cho, chief operating officer at List Sotheby's International Realty in Hong Kong.

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"And in particular in the first half, with the uncertainty of U.S. inflation that affects interest rates and investment sentiment, property owners still are more willing to accept a certain degree of price reduction now," he said.

After roughly three years of Covid lockdowns, home sales and prices have begun to stabilize, although the market will fluctuate, "this year is probably a good time to start looking if one wants to acquire properties in Hong Kong," said Beverly Sunn, founder and president of Asia Pacific Properties, a Hong Kong-based relocation and real estate investment advisory company. 

In 2022, Hong Kong's existing-home prices fell 15.6% year over year—the largest annual decline since the Asian financial crisis in 1998—which also ended a 13-year streak of positive price growth, according to data from Hong Kong's Rating and Valuation Department.

In January, the existing-home price index rose 2 points, or 0.6% from last December to 336.1, the largest monthly increase since April 2022.

The growth rate is expected to pick up in the coming months—with some even predicting a "V-shaped" recovery—as a steady influx of buyers and investors rekindled transactions. That could mean a short window for buyers to get in before prices take off again.

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