Hong Kong home prices tick up in April but still down 5.6pc on-year

HONG KONG: Hong Kong home prices edged up 0.5 percent in April, snapping a half year of monthly declines, but were still down 5.6 percent from a year earlier, data showed on Tuesday.

Home prices rose to 258.8 on a government index in April, from 257.5 in March, according to the Hong Kong government's Rating and Valuation Department.

Before April, the index had shown six consecutive months of declines in home prices in Hong Kong, one of the most expensive property markets in the world.

Rental prices continued to fall, recording their seventh consecutive month of decline. Rental prices fell 0.1 percent in April to 163.2 from 163.4 in March. Rents are down 4.7 percent from a year earlier.