Midland Realty: The number of second-hand public housing sales contracts registered in Hong Kong in the first four months of this year increased by a large margin of 46.2% compared to the same period last year, with the total value increasing by 59.8%.

Yang Mingyi, the Senior Co-Director of the Research Department of Midland Realty, pointed out that in the first four months of 2026, there were 427 second-hand public housing transactions registered (including public housing on the free market and the secondary market) with a total value of 9.09 billion Hong Kong dollars (HKD), which is a significant increase of 46.2% in volume and 59.8% in value compared to the same period in 2025. The numbers have already reached 38.5% and 41.1% of the total volume and value for the entire year of 2025, which were 1,108 transactions and 22.12 billion HKD respectively. With the property market picking up, housing prices rising, interest rates falling, and the tightening of policies for wealthier public housing residents, such as stricter income limits and asset reviews, affected households are turning to the property market for investment, leading to an increase in the demand for subsidized housing and driving the trading of public housing units. The rental housing scheme is yet to be determined, and the Housing Authority will implement a new policy on rent increases for wealthy public housing residents starting October 1 of this year, which is expected to further increase the volume of second-hand public housing transactions. It is estimated that there will be around 1,300 transactions for the entire year of 2026, a year-on-year increase of over 15%, potentially reaching a record high in the 27-year history since 2000 and exceeding one thousand transactions for the third consecutive year. In the first four months of 2026, there were 50 transactions of second-hand public housing valued at three million HKD or above recorded, which is a significant increase of 85.2% compared to 27 transactions in the same period in 2025. Housing prices have risen by over 10% from their lowest point, stimulating an increase in high-priced public housing transactions. The top ten transactions of second-hand public housing with the highest registered amounts include 4 units on Hong Kong Island, and 3 each in Kowloon and the New Territories. The highest transaction was a unit on the 29th floor of Upper Ngau Tau Kok Estate in Aberdeen, which was sold for 4.85 million HKD. The second highest was a unit on the 27th floor of Wah Lai House in Upper Ngau Tau Kok Estate, which was sold for 4.51 million HKD in March. The third highest was a unit on the 22nd floor of Hiu Lim House in Lei Cheng Uk Estate in Sham Shui Po, which was sold for 4.18 million HKD in March. In the first four months of this year, Upper Ngau Tau Kok Estate in Aberdeen and Wah Ming Estate in Fanling recorded the most transactions of second-hand public housing, with 21 transactions each, totaling 46.96 million HKD and 42.18 million HKD respectively. This was followed by Cheung Kwan O Hin Keng Estate and Wong Tai Sin Tung Tau Estate, with 20 transactions each, totaling 49.23 million HKD and 36.69 million HKD respectively. Chong On Estate in Tsing Yi ranked third with 19 transactions, totaling 46.03 million HKD. In the first four months, the number of transactions of second-hand public housing in 33 public housing estates saw an increase compared to the same period in 2025, with 11 estates doubling their transactions or more. The largest increase was seen in Kwun Tong Choi Ping North Estate and Lam Tin Hing Tin Estate, which recorded 12 and 4 transactions respectively so far this year, a threefold increase from the same period last year. Yuen Tau Tung Tong Estate and Upper Ngau Tau Kok Estate saw a 2.5 times increase in transactions, tying for second place. Yiu On Estate in Sha Tin saw a 2.3 times increase in transactions, ranking third. The number of transactions in Wong Tai Sin Lower Estate, Sham Shui Po Nam Cheong Estate, Tsing Yi Estate, Sha Tin Kwong Yuen Estate, Tsing Yi Cheung Fat Estate, and Kowloon Bay Choi Ha Estate increased by 1 to 2 times. However, in the first four months of this year, 4 estates saw a decrease in the number of transactions, including Sha Tin Hang On Estate, Yuen Long Long Ping Estate, Tuen Mun Tin King Estate, and Sheung Shui Tai Ping Estate, with declines ranging from 11.8% to 60.0%.