Year of the Snake: rare deals, distressed sales to prevail in Hong Kong property

Commercial property transactions in the city declined by more than 11 per cent to 3,461 in 2024 from 3,906 in 2023, according to data tracked by property agency Midland Realty.

The value of commercial deals fell by 46 per cent year on year to HK$20.1 billion (US$2.6 billion), according to Savills, which tallied non-residential transactions where the buyer acquired at least 30 per cent ownership of the asset.

Only “cash-rich buyers” were able to make deals happen last year, the property consultancy said.

Among commercial transactions of HK$50 million or more, the proportion attributed to non-profit organisations, including educational institutions and religious groups, rose markedly to 14.2 per cent in 2024 from 2.8 per cent in 2023, according to JLL.