Hong Kong Property: Deals for Homes Over HK$30M Double in 2024, Kai Tak Leads
The Hong Kong property market remained weak last year, with overall property prices down 6.86%. However, the luxury property segment performed exceptionally well, with first-hand transactions of properties priced over HK$30 million doubling year-on-year.
According to Hong Kong Property, the removal of property cooling measures last year, combined with relaxed mortgage requirements in the Policy Address and the onset of an interest rate cut cycle, stimulated residential transactions. This led to a surge in first-hand sales, with the luxury property market standing out.
Based on data from the Sales of First-hand Residential Properties Electronic Platform and market information, there were 882 first-hand transactions of properties priced over HK$30 million in 2024, compared to 439 in 2023—an increase of approximately 100%. This marks a six-year high since 2018.
Among the 882 transactions, Kai Tak accounted for 325, making up about 37% of all first-hand deals over HK$30 million—the highest among all districts. Kowloon Tong ranked second with 108 transactions (12%), followed by Aberdeen and Ap Lei Chau (including Wong Chuk Hang) with 96 transactions (11%).
It’s worth noting that the number of transactions in Kai Tak was nearly three times higher than in Kowloon Tong, highlighting the strong appeal of Kai Tak’s new developments in the luxury market.