In the first three quarters, the number of transactions for mainland buyers purchasing properties in Hong Kong reached a record high, with an average expenditure of HKD 11 million

On October 30th, data released by Centaline Property in Hong Kong showed that after the full withdrawal of restrictions, mainland buyers are active in the Hong Kong property market. The data indicated that in the first three quarters of this year, mainland buyers purchased a total of 8,133 new and second-hand properties in Hong Kong, with a total transaction amount of HKD 90.6 billion, setting a new historical record. This also means that, on average, each mainland buyer spent HKD 11 million to enter the market.

Centaline Property's latest data shows that in the first three quarters of 2024, the Hong Kong new and second-hand private residential market recorded a total of 33,915 transaction registrations, with a total transaction amount of HKD 309.3 billion. Among them, transactions recorded by "Mandarin Pinyin buyers" amounted to 8,133, accounting for 24%, involving an amount as high as HKD 90.6 billion. Both figures set new historical records, which is equivalent to an average of over HKD 11 million spent by each mainland buyer to enter the market.

Compared to the 4,854 transactions and HKD 63.3 billion during the same period last year, this represents an increase of 68% and 43%, respectively. According to monitoring data from Centaline Property, in the first three quarters of this year, second-hand residential transactions accounted for more than half, with 4,366 transactions.

The data shows that in the first three quarters of this year, the top ten property market areas for second-hand transactions by "Mandarin Pinyin buyers" included North Point, Tsuen Wan City Center, Olympic Station, Sham Shui Po, To Kwa Wan, Wan Chai, Tai Wai, Hong Kong City, Tseung Kwan O, and Mid-Levels West, totaling 1,090 transactions by "Mandarin Pinyin buyers," accounting for about 25% of the overall second-hand housing market.

North Point, known as "Little Fujian," recorded the highest number with 131 transactions, involving property prices of HKD 1.01 billion, with the highest number of such clients in several projects like Kin Wing Garden, City Garden, and Park Vista. North Point has recorded the highest number of such clients buying properties for two consecutive years. Following that are Tsuen Wan City Center and Olympic Station, which recorded 123 and 120 transactions, respectively.

Centaline Property mentioned in the report that the data shows that mainland clients actually purchase the most second-hand properties, and areas with mature community development and well-developed transportation facilities are their preferred choices for property investment in Hong Kong. In recent years, many mainland buyers have also favored investing in the North Point area on Hong Kong Island. For instance, the super luxury new project "Haisuan" built by SHK PPT in the area has a high proportion of mainland clients, reaching 60%.

Data from the Census and Statistics Department and Centaline Map also shows that among the over 100,000 population in North Point, 11.5% of residents use Mandarin and other Chinese dialects as their primary language, making it the highest in the Eastern District of Hong Kong Island.

On the other hand, the traditional top ten housing estates recorded 282 cases of "Mandarin Pinyin buyers" entering the market in the third quarter of this year, surpassing the total of 244 cases for the entire previous year, setting a three-year high; among them, Tin Shui Wai's Jiahu Mountain Villa accounted for the most with 61 transactions Author of this article: Ji Simin, Source: The Paper, Original title: "In the first three quarters, the number of transactions for mainland buyers purchasing properties in Hong Kong reached a record high, with an average expenditure of HKD 11 million"