The gain in the most unaffordable property market in the world last month compared with a revised 0.2% increase in January.
Driven by robust demand and low interest rates, transaction volume in the secondary market in March is expected to reach an over eight-year high, estimated by realtor Centaline, while first quarter volume could rise to a six-year high.
Property consultancy Cushman & Wakefield said earlier this month it expects home prices to rise 5% quarter-to-quarter in April-June.
It said the market has bottomed out in the first quarter, thanks to the early arrival of new vaccines, strong pent-up demand and booming stock market.
But high unemployment would weigh on the market in the mid term, the consultancy added.
Hong Kong’s seasonally adjusted unemployment rose to 7.2% in the December-February period, the highest since 2004.