Hong Kong Real Estate: Mainland buyers accounted for 80% of individual buyers of luxury properties in Hong Kong valued at over 100 million Hong Kong dollars in 2024.

Director of Research at Hong Kong Real Estate Department, Wang Pindi, stated that luxury properties in Hong Kong are highly sought after by mainland Chinese buyers. According to analysis based on known buyer names, approximately 80% of the over HK$1 billion in registered transactions for individual buyers in 2024 were from mainland Chinese buyers (identified by the English spelling of buyer names); in addition to transactions over HK$1 billion, approximately 72% of individual buyers in the range of HK$50 million to HK$100 million were also mainland Chinese buyers, much higher than the overall percentage of approximately 39% for all transactions. Wang Pindi pointed out that mainland Chinese buyers have significantly increased their transactions, primarily benefiting from housing policies and interest rate cuts. The "Spicy Cooling Measures" were abolished in the Hong Kong property market in February 2024 Budget, significantly reducing the cost for mainland Chinese and new Hong Kong buyers to enter the market. In addition, from the end of the third quarter to the end of the year in 2024, Hong Kong followed the US in reducing interest rates three times, introduced measures to stimulate the economy, and announced in the "Policy Address" the relaxation of property mortgage limits, allowing investment immigrants to purchase luxury properties, all of which have accelerated mainland Chinese and new Hong Kong buyers into the market. As for the overall primary market; mainland Chinese buyers (identified by the English spelling of buyer names) accounted for a total of 5,723 registered transactions for primary residential properties in Hong Kong, compared to 2,119 in 2023, an increase of approximately 1.7 times; in terms of value, there were approximately HK$821 billion in total transactions in 2024, an increase of nearly 1.1 times from the approximately HK$394 billion in 2023. Looking at specific properties, one of the most popular new developments among mainland Chinese buyers last year was The Pavilia Sky at Kai Tak. This development recorded 410 registered transactions for mainland Chinese buyers, accounting for about 50% of individual buyers at the development, showing how it is favored by mainland Chinese buyers. These buyers had a total transaction value of about HK$5 billion, accounting for about 53% of the total transaction value at the development. In second place is BLUE COAST in Wong Chuk Hang MTR Station, with 346 registered transactions for mainland Chinese buyers, involving about HK$6.1 billion in total transaction value; this development had the highest transaction value among new developments. Mainland Chinese buyers accounted for 54% and 55% of the registered transactions and transaction value, respectively, at this development; third place goes to The Cullinan in Ho Man Tin MTR Station, which recorded 314 registered transactions for mainland Chinese buyers, with a total transaction value of about HK$4.4 billion. The mainland Chinese buyers accounted for approximately 50% of the registered transactions and 53% of the total transaction value at this development, reflecting their preferences. Among the top 5 new developments with the most registered transactions from mainland Chinese buyers in 2024, 3 were located in Kai Tak, namely The Pavilia Sky, The Cullinan, and Victoria Harbour No. 1. When combined, the transactions from these 3 developments alone totaled over 800 transactions, indicating a preference from mainland Chinese buyers for developments in Kai Tak. It is worth noting that if both primary and secondary markets are considered, mainland Chinese buyers (identified by the English spelling of buyer names) accounted for a total of 12,190 registered transactions for primary and secondary residential properties in Hong Kong in 2024, compared to 6,186 in 2023, an increase of approximately 97%, surpassing the 12,000 mark for the first time. In terms of value, there were approximately HK$1.328 trillion in total transactions in 2024, an increase of about 70% from approximately HK$780 billion in 2023, exceeding the HK$1.3 trillion mark for the first time, setting record highs in both transactions and value.