Hong Kong’s property market to maintain momentum after deals hit 3-year high

Hong Kong’s property transactions are expected to gather pace after hitting a three-year high in 2024 on the back of improving sentiment because of factors like higher loan values, interest-rate cuts and demand from the investment-migration scheme.

A total of 67,662 deals for new and lived-in homes, offices, shops, industrial units and car parking spaces were completed as of December 30, up 16 per cent from 58,035 transactions in 2023 and the highest since 96,133 in 2021, according to data compiled by Midland Realty on Monday.

“With the rebound in the number of deals, the overall registered property value last year exceeded HK$530 billion (US$68.2 billion), an increase of more than 10 per cent from HK$477.9 billion logged in 2023,” said Buggle Lau Ka-fai, chief analyst at Midland.

However, overall transactions last year were 6 per cent lower than the five-year average of 72,380 per year from 2019 to 2023, while the value was 20 per cent lower than annual average over the same period at HK$654 billion, he added.

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The increase in overall real estate registrations last year was led by the residential market, according to the property agency.