Housing cycles / HKG

Hong Kong SAR

Real residential property prices, BIS index, 1979 to 2026-Q1. The index is rebased to 2010 = 100 for Hong Kong SAR alone, so its level says nothing next to another country’s. Growth and drawdown are comparable across countries; the level is not.

+6.2%

Real prices, year on year

2026-Q1; nominal +7.8%

-31.0%

Off its own real peak

peak 2018-Q3

-59.9%

Deepest real drawdown

trough 2003-Q2, within the observed sample

1979

Index starts

186 quarters to 2026-Q1

Real house price index, annual

Annual means of the quarterly real index. A year is plotted only if all four of its quarters are present, so a partial year is dropped rather than averaged over whatever is present.

Source: BIS residential property prices (selected series) Latest real quarter 2026-Q1 = 137.0; highest observed real quarter 2018-Q3 = 198.5. Methodology

Banking crises

Laeven-Valencia records no systemic banking crisis for Hong Kong SAR. There is no event study on this page, and this country enters none of the cross-country medians on the index. Its deepest observed real drawdown is -59.9%, into 2003-Q2. Absence from the chronology is the chronology’s judgement, not proof that no crisis happened.

Limits of this page. The drawdown figures are conditional on the sample: Hong Kong SAR’s index begins in 1979, so a peak before then is invisible and the deepest drawdown is the deepest observedone. The crisis dating is Laeven-Valencia’s, not this repo’s. Nothing here is a causal claim. See the methodology for the full list.