9th January 2025 – (Hong Kong) Centaline Property’s latest data reveals that in 2024, Hong Kong recorded over 11,000 property transactions involving buyers with mainland Chinese names, amounting to more than HK$130 billion. This figure not only sets new records for both the number of transactions and the total value but also exceeds the land revenue collected by the government over the past three years.
Louis Chan, Vice Chairman and CEO of Residential (Asia Pacific) at Centaline, noted that despite the depreciation of the Renminbi, the lifting of market restrictions in late February last year, coupled with a more than 20% decline in property prices from their peak, has significantly boosted the appetite for property investment among mainland buyers. Additionally, government initiatives aimed at attracting talent and optimising immigration policies have further encouraged mainland investors to purchase property in Hong Kong.
The property market thrived last year, with over 47,500 transactions of both new and second-hand private residential units—a year-on-year increase of more than 20%. Mandarin-speaking buyers accounted for 11,638 transactions, amounting to HK$130.49 billion, representing an increase of approximately 90% and 67% respectively compared to 2023, marking a historical high.
The last peak for mainland buyers was in 2010, when there were 10,079 transactions, constituting about 9% of the overall market. This figure surged to approximately 24% last year, setting a new record.
Mainland investors also significantly contributed to the sales of various new developments. Chan indicated that the first-hand market registered over 16,000 transactions in 2024, up nearly 60% from the previous year. Mandarin-speaking buyers represented 5,547 of these transactions, approximately 35%, indicating a 1.5-fold increase and accounting for 40% of the total value in the first-hand market—another record high.
Additionally, buyers from mainland backgrounds predominantly focused on properties priced below HK$10 million, which constituted about 58% of their transactions, an increase from 53% in 2023. Transactions involving units priced at HK$50 million or above made up around 4%.
In terms of geographical distribution, the Kai Tak development area recorded the highest number of transactions from mainland buyers, with 1,482, representing about 50.1% of the area. The area with the highest percentage of mainland buyers was around Nam Cheong Station, accounting for 63.4% of 260 transactions.
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