The CRI rate of return for March 2023 was last reported at 2.53%, down 0.04 percentage points month-on-month, according to Yang Ming Yi, Senior Associate Director of Centaline Property Research. The rate of return fell for three months in a row and was down by 0.15 percentage points in the first quarter of this year.

Property prices rose significantly in the first quarter, while rents rose less, affecting the rate of return downwards. However, the CRI has expanded significantly in April, while the CCL has repeatedly struggled, so the rate of return is expected to stabilise soon.

With the recent softening of property prices and the continued upward trend in rents supported by user demand, we expect the CRI rate of return to stop falling and rebound in the second quarter.

The H-mortgage rate for March 2023 is 3.375% and the rental return rate is 0.845% below the H-mortgage rate. The CRI rate of return is expected to rise slightly in the second quarter, catching up with the rise in H-mortgage rates, and the gap between the two is not expected to widen.

The CRI_Mass rate of return was 2.64% in March, down 0.05 percentage points month-on-month.

Both the CRI_Mass and CRI_SME rates of return fell for three months, and both fell by 0.18 percentage points in the first quarter.

The CRI (Large) rate of return was 2.10%, down 0.03 percentage points month-on-month and down 0.06 percentage points in the first quarter.

In the four regions, the CRI_Mass rate of return on Hong Kong Island was 2.55%, down 0.03 percentage point month-on-month.

The CRI_Mass rate of return for Kowloon was 2.66%, down 0.03 percentage point month-on-month.

The New Territories East CRI_Mass rate of return was 2.70%, down 0.07 percentage point month-on-month.

The New Territories West CRI_Mass rate of return was 2.67%, down 0.09 percentage point month-on-month. The rental rate of return fell by 3 months in Hong Kong and Kowloon, and by 4 months in both New Territories.

Of the 138 constituent estates, only 16 achieved a rental return of 3% or above in March. Among the constituent estates with higher rental returns, 3.50% for Ka Fai Garden and 3.08% for The Edge on Hong Kong Island.

In Kowloon, Whampoa New Village 3.46%, Mei Foo Sun Chuen 3.17% and Tak Po Garden 3.04%.

In New Territories East, Ma On Shan Centre 3.16%, Riverside Garden 3.13%, Tai Wu Garden 3.10%.

In New Territories West, Belvedere Garden 3.52%, Tsuen Wai Garden 3.13%, Tsing Yi Garden 3.10%.

For major estates, Kornhill 2.51%, Taikoo Shing 2.47%, South Horizons 2.41%, Amoy Gardens 2.97%, Whampoa Garden 2.77%, Metropolis 2.71%, Arashi Hills 3.09%, Newport City 2.62%, Kingswood Villas 2.59%, Yoho Town 2.44%.