Latest official data showed that Hong Kong property prices have continued their upward spiral since March despite some cooling measures introduced by the government earlier this year.

An index from Hong Kong's Rating and Valuation Department on Monday that measures prices, hit a new high of 303.6 in July, up 18 percent from a year ago.

Prices of small units under 430 square feet (about 40 square meters) rose the most -- up 20 percent year-on-year -- when compared with luxury units greater than 1,700 square feet which rose just under 1 percent.

Another index that measures the overall rent level also continued rising for nearly one and a half years, up by 10 percent in July year-on-year.

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