Thanks to several favourable factors—including the removal of cooling measures, interest rate cuts, and government policies to stabilise the market—Hong Kong's real estate market showed signs of recovery in 2024. The primary property market, in particular, outperformed, with developers offering competitive pricing to attract buyers. Total first-hand property transactions surged to nearly 16,000 units, a 50% year-on-year increase and the highest in three years, generating over HK$190 billion in revenue. Notably, two new developments brought in over HK$10 billion in sales each.
While the primary market thrived, the secondary market lagged behind. Data from Centaline Property showed 40,750 secondary transactions in 2024, an 11% increase from 36,668 in 2023, but still far below the primary market’s 50% growth.
The government’s policy changes in February, including the removal of cooling measures, triggered a sharp spike in new home sales in March, with over 4,100 transactions recorded—a 14-fold increase compared to the previous month, marking the highest monthly figure since new regulations were introduced. However, after the initial boom, sales dipped in August to around 500 units. The market regained momentum in October, supported by a U.S. interest rate cut in September and additional housing policies announced in Hong Kong’s October Policy Address. Developers launched several major projects, including Cullinan Sky, Echo House, and Blue Coast II, pushing monthly sales to nearly 3,000 units.
By December, the market cooled again, with monthly first-hand transactions dropping to around 600 units. Nevertheless, the year ended with approximately 15,700 first-hand transactions, a 50% increase from 2023 and the highest since 2021, when over 17,000 units were sold. Developers remained active in launching new projects, with over 30 developments hitting the market this year, comparable to 2023. Units priced below HK$10 million dominated, accounting for 70% of transactions. However, higher-end units priced above HK$50 million also saw strong demand, with around 440 transactions recorded.
Sun Hung Kai Properties (SHKP) once again dominated the market, selling over 3,000 units and generating approximately HK$40 billion in revenue. This solidified its position as both the "Sales King" for the ninth consecutive year since 2016.
Among this year’s top-selling developments, many were conveniently located near transportation hubs. Leading the pack was Wheelock’s Seasons series in Lohas Park, Tseung Kwan O (Park Seasons and Seasons Place), which sold 954 units since its launch in March, generating over HK$5.9 billion. In second place was SHKP’s Cullinan Sky, located near Kai Tak Station. It sold 885 units and generated nearly HK$11 billion in sales, with approximately half of the buyers identified as mainland Chinese, based on pinyin registration names. These buyers accounted for HK$5 billion in transactions.
Topping the revenue chart, however, was CK Asset’s Blue Coast, a residential project above Wong Chuk Hang MTR Station. The project sold 852 units, generating over HK$14.4 billion in revenue, with an average unit price of HK$16.9 million. The first batch of units, released in March, had an average discounted price of HK$21,968 per square foot, making it one of the most affordable new developments on Hong Kong Island’s south side. CK Asset described the pricing as a bargain, which helped drive sales. Overall, CK Asset sold nearly 1,000 units this year, generating over HK$16.3 billion.
Despite fluctuations, 2024 was a strong year for Hong Kong’s property market, particularly for first-hand sales. Driven by competitive pricing and supportive government policies, developers achieved impressive results, with Sun Hung Kai and CK Asset taking top spots in sales and revenue. However, challenges remain in the secondary market, where buyers continue to face competition from aggressive pricing in the primary market.
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