Hong Kong home sales surge in February as primary market outperforms

Primary sales hit 4,109 units in February, surpassing 2024 levels.

Hong Kong’s residential market saw a strong uptick in February, with total transactions reaching 12,338 units, driven by robust activity in both primary and secondary segments, according to Knight Frank.

Primary sales climbed to 4,109 units, up 146.3% year-to-date and surpassing 2024 levels, Knight Frank reported. Secondary transactions also rose sharply to 8,229 units, increasing 59.5% year-to-date, reflecting broad-based market momentum.

Knight Frank highlighted Central Residence by the Park as a standout new launch. The premium development has sold 61 of its 99 units to date, achieving a 62% sell-through rate, with an average price of HK$46,800 per sq ft.

In the luxury segment, Knight Frank noted that the government’s latest Budget measure to raise stamp duty on properties priced above HK$100 million—from 4.25% to 6.5%—is expected to have limited impact on transaction volumes, as high-net-worth buyers are typically less sensitive to such costs. Market activity remained firm, with 68 transactions above HK$50 million recorded in February, marking a 48% month-on-month increase, according to market sources cited by Knight Frank.

Leasing demand also stayed resilient, particularly in districts near major universities. Knight Frank identified Central & Western District, Sha Tin, Tai Wai and Fo Tan as key rental hotspots, supported by strong demand from non-local students and a persistent shortage of student accommodation, which continues to attract investors seeking stable rental income.