Mei Lian: Overall registration of commercial and industrial premises in Hong Kong surged in November, with the registration volume reaching a four-month high.

The comprehensive data from the Land Registry Department of the Commercial Property Research Department of Midland Holdings shows that in November 2025, there was a situation of "simultaneous increase in volume and amount" in the overall registration of commercial properties. The number of registrations in the month reached 373, not only increasing by 6.9% from the previous month but also reaching a four-month high since July. The total registered amount also increased for two consecutive months to 46.5 billion Hong Kong dollars, an increase of about 22.3% from the previous month. Summarizing the first eleven months of this year, the overall registration volume and amount of commercial properties have already exceeded the whole of last year. The total number of registrations reached 4,125, which is 19% higher than last year and a 3-year high, challenging the level of 4,475 registrations in 2022; the registered amount so far this year is about 49.1 billion Hong Kong dollars, also exceeding last year by nearly 5% and hitting a 3-year high. Matthias Ma, CEO of Midland Holdings (Residential) and Executive Director of Commercial Properties, pointed out that the overall registration volume and amount of commercial properties in November and the first eleven months of this year have continued to increase, reflecting a continued trend of buyers and investors "buying low". With the increasingly prosperous education industry, as well as the recovery and growth of the financial and tourism industries, they have formed a "triple engine" driving the market. Many companies and institutions from these three major industries have seized the opportunity to expand, and investors are optimistic about the future, buying "bargain properties" for long-term investment, leading to an overall increase in transactions from a low point and gradually returning to normal. In November, the registration volume of shopping malls increased by 37.5% compared to the previous month, hitting a new high in more than 4 years since July 2021. The total number of registrations this year has exceeded last year's by 46%, and the amount recorded is about 21.1 billion Hong Kong dollars, also surpassing last year by 38%. Transactions in commercial properties have steadily rebounded. In November, the registration volume increased by 22.2% to 88, and the amount increased by 24% to 1.05 billion Hong Kong dollars. The total number of registrations this year has exceeded last year by about 4%, and the amount is about 142.2 billion Hong Kong dollars, reaching about 83% of last year's total. Industrial buildings showed relatively stable performance in November, with a registration volume of 164, a decrease of 13.2% compared to the previous month, but the amount increased to 14.7 billion Hong Kong dollars, an increase of 8.5%. The total number of registrations this year has exceeded last year by 16.6%, and the amount is about 138.5 billion Hong Kong dollars, reaching about 94% of last year's total. Ma believes that both the registration volume and amount reflect a rebound in the commercial property market, and the strength of the rebound will depend on various factors, including interest rate trends and the global economy, especially the economic development of mainland China and Hong Kong. It is worth noting that the financial industry continues to be the driver of the market, with the outstanding performance of shopping malls this year partly due to the strong development of the financial industry, especially with Hong Kong's IPO fundraising returning to the world's number one, driving demand for top-tier shopping malls. This trend is even beginning to spread to the shop market, with banks and securities firms expanding their rental of ground-floor shops in core areas, bringing new momentum to the commercial property market. Ma believes that with the support of the "triple engine" of the financial, tourism, and education industries, the trading of commercial properties will remain at a high level in the future. However, prices may continue to adjust to "find the bottom" until a support level is found before stabilizing.