The Rating and Valuation Department (RVD) released provisional figures today (Sept. 26), showing that private residential property prices have dropped for four consecutive months while private residential rents have continued to rise.
According to the Department, the private residential property price index for August stood at 292.1 points, marking a monthly decline of approximately 1.72%. This is the fourth consecutive month of decline, with a cumulative drop of around 5.65%, reaching its lowest level since August 2016, nearly eight years ago.
Over the first eight months of this year, the index has fallen by around 6.17%. Compared to the historical peak of 398.1 points in September 2021, the index is now lower by approximately 26.63%.
Looking at different unit sizes, the price index for small to medium-sized units (with a saleable area of 1,075 square feet or less) saw a sharper decline than that of larger units (with a saleable area above 1,075 square feet).
In contrast, private residential rents have continued to rise. The rental index for August reached 197.5 points, increasing by approximately 1.13% month-on-month. This marks the sixth consecutive month of growth, with a cumulative increase of 7.1%, reaching a five-year high since August 2019.
Over the first eight months of 2023, the rental index has risen by approximately 6.18%, significantly outpacing property prices.
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