Mainland Chinese snap up Hong Kong homes in April, most in 2 years
They favour new homes, with 1,032 of April purchases coming from the primary market
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[HONG KONG] The number of Hong Kong homes bought by mainland Chinese surged 48 per cent in April from the previous month to a two-year high, data from property agent Midland Realty showed, supported by a strong renminbi and a shift to purchasing from renting.
Mainland Chinese bought 1,892 homes in April, worth HK$18.9 billion (S$3.1 billion). The combined transaction value was 31 per cent higher than in March and the most in 17 months.
Mainland Chinese accounted for 27.5 per cent of total housing purchases in April.
They favour new homes, with 1,032 of April purchases coming from the primary market and accounting for nearly half of the new home sales.
Midland analyst Benny Sham expects the trend will continue as more Chinese professionals working in the city decide to buy because rents are rising.
The home transaction volume and value last month were both the highest since April 2024, according to another realtor, Centaline.
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Official data in March showed private home prices in Hong Kong rose for a 10th month in a row, helped by improved sentiment and pent-up demand.
Brokerage analysts forecast gains of at least 10 per cent for the full year, citing a resilient stock market, strong demand from mainland Chinese buyers and lower inventory.
Residential prices climbed 3.6 per cent in 2025, the first increase since they peaked in 2021. Since then, they have tumbled nearly 30 per cent. REUTERS
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