Hong Kong's property market has performed strongly this year, with both transaction volume and value rising. According to data from the Land Registry compiled by Midland Realty's research center, the total number of property registrations (including primary private residential units, secondary homes, primary public housing, commercial/industrial properties, parking spaces, and others) reached 70,245 as of November 24. This not only marks a 3.3% increase from the full-year 2023 figure of 67,979 but also represents the first time since 2021 that registrations have exceeded 70,000.
In terms of value, total property registrations amounted to HK$536.83 billion year-to-date, slightly surpassing last year's full-year total of HK$534.14 billion by about 0.5%. Midland Realty analyst Sam Sum noted that the residential market has benefited from multiple positive factors, including rising rents, declining interest rates, and favorable policies such as reduced stamp duty for lower-priced properties. These conditions have encouraged end-users to switch from renting to buying, while high rental yields have attracted long-term investors. Additionally, developers have actively launched new projects and cleared inventory, further boosting transaction activity.
The non-residential property market also performed well, with both volume and value rising alongside the residential sector, contributing to the overall record-high registrations. Full-year property registrations are expected to reach around 79,000, with transaction value potentially hitting HK$600 billion—both marking four-year highs.
For residential properties (excluding primary public housing), primary private and secondary home registrations totaled 59,001 as of November 24, up 2.4% from last year's 57,602. The transaction value reached HK$467.2 billion, marginally higher than 2023's HK$467.09 billion.
Non-residential properties, including commercial/industrial units and parking spaces, saw 8,780 registrations worth HK$62.16 billion, up 5.5% and 0.8% year-on-year, respectively. The simultaneous growth in both residential and non-residential markets has driven Hong Kong's overall property registration performance to new heights this year.