Benefiting from robust new property market transactions, mainland Chinese buyers experienced a "dual rise" in both volume and value of Hong Kong residential property purchases in September.

According to data compiled by Midland Realty Research Center from the Land Registry, mainland Chinese buyers (identified by English phonetic names) recorded a total of 1,304 registrations in Hong Kong's primary and secondary residential markets in September, representing a month-on-month increase of approximately 17.5% and marking the second-highest level in 10 months. In terms of transaction value, mainland buyers were involved in approximately HK$13.54 billion worth of transactions, a month-on-month increase of about 23.2%, reaching a 10-month high.

Midland Realty analyst Shum Chung-him noted that September saw numerous registrations in new property areas favored by mainland buyers, such as Kai Tak and Wong Chuk Hang. Additionally, many projects were mid-to-high-end or even luxury properties, driving up both residential registration volume and transaction amounts. The performance in transaction value was particularly outstanding, with growth rates outpacing registration volume increases.

Shum believes that with Hong Kong property prices recovering and the interest rate cut cycle resuming, the pace of new property launches has accelerated, and mainland buyers' residential property purchases are expected to continue rising in the fourth quarter. However, mainland buyers' market participation in the fourth quarter may depend on subsequent developments in trade tensions.

Focusing solely on new properties, among the top 5 districts with the highest number of mainland Chinese buyers (identified by English phonetic names) for primary residential registrations in September, Kai Tak ranked first with 147 transactions, accounting for 60.2% of individual buyers, demonstrating the district's strong appeal to mainland buyers. Within the district, Victoria Harbour recorded 34 mainland buyer transactions, representing 75.6% of individual buyers.

Wong Chuk Hang/Deep Water Bay ranked second with 94 mainland buyer primary registrations in September, accounting for 54% of individual buyers, with the BLUE COAST series recording the most transactions, half of which were attributed to mainland buyers.

Tseung Kwan O ranked third with 90 mainland buyer primary registrations in September, representing approximately 20% of individual buyers, with most transactions coming from the Cullinan West series. This indicates that mainland buyers tend to prefer railway-accessible properties.

Wan Chai/Causeway Bay and Mid-Levels also made it into the top 5 for mainland buyer primary registrations in September, recording 58 and 38 transactions respectively, with mainland buyers accounting for over 60% in both districts. The former was primarily driven by QUEEN'S CUBE, while the latter was largely attributed to the 33 Kennedy Road project.