HK$10 Million Home Resales Outpace Broader Market
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
Hong Kong’s secondary residential market above HK$10 million recorded a sharp pickup in the first seven months of the year, with transaction registrations rising far faster than the overall market. Market participants said the rebound was driven by revived confidence, pent-up upgrader demand, lower entry prices than at previous peaks and policy changes that made larger home purchases easier.
Key Points
- Hong Kong Property Services Research said 5,136 secondary residential registrations above HK$10 million were recorded in the first seven months, up 76.9% year on year.
- Over the same period, total secondary residential registrations reached 35,471, an annual increase of about 38.5%, meaning the higher-value segment outperformed the broader market.
- The registrations above HK$10 million were the highest for the same January-to-July period in five years, with Hong Kong Island, Kowloon and the New Territories all rising 75.6% to 79.1%.
- Veteran investor Chan Ching-pak, known as “White Whirlwind”, said buyers tend to chase a rising market, and that HK$10 million homes are now ordinary upgrade units rather than true luxury stock.
- Midland Realty senior director Sammy Po said post-pandemic economic recovery, salary gains in finance and technology, tax removal, looser mortgages and talent inflows all helped release upgrader demand.
- By estate, LOHAS Park led with 138 registrations above HK$10 million, followed by Taikoo Shing with 131 and Festival City with 117 in the first seven months.
Why It Matters
For Hong Kong households, the data suggests the recovery is being led by upgrader demand in the mid-to-upper segment rather than only entry-level buying. The pace may depend on whether confidence holds, as market participants also warned that capital controls on the mainland, possible US rate increases and quieter recent trading could pressure prices later in the year.