Hong Kong’s home sales are likely to hit a four-year high this year as buyers show an increasing willingness to commit to both new and existing residential units, according to agents.
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Residential transactions in the city are expected to rise 13 per cent to 64,000 this year, helped by lower prices as well as policy support that reduced the stamp duty for homes priced up to HK$4 million (US$512,000), said Wong Kin-yip, chairman of Midland Holdings, the parent company of Midland Realty. The value of home deals was likely to rise 5 per cent from a year earlier to HK$475 billion, he added.
“Hong Kong’s residential property transactions have remained at a high level since the beginning of this year,” Wong said. “Property prices have bottomed out and are back on an upwards trajectory.”
Home prices are also forecast to rise between 3 and 5 per cent this year, he added.
Overall property-market transactions, including homes as well as commercial spaces such as shops, office units, car parking slots and industrial units, were forecast to reach 76,000 units with a total value of HK$570 billion, an increase of 11 per cent and 6 per cent from 2024, respectively, Wong said. Both value and volume were expected to hit four-year highs.
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In the first seven months of the year, Hong Kong recorded 44,060 property deals, according to official data. That was about 65 per cent of the nearly 68,000 property transactions that were completed in 2024.