Hong Kong

Total sales from 6,298 transactions hit HK$57.3 billion in November.

Tenant activity was subdued in November 2024.

This is expected to put pressure on office rentals.

Unsold luxury residential units are expected to be the key focus.

The market’s absorption capacity will be tested next year.

The aging population is impacting supermarket retail sales performance.Hong Kong's retail market is experiencing a significant decline, with total retail sales in the first ten months of 2024 estimated to have dropped by 7.1% compared to the same period last year, according to Knight Frank.

Demand is expected to be weak in 2025.

And annual land premiums are expected to reach HK$10-15 billion.

Analysts believe the market has yet to reach its bottom.

The total sales value was over HK$37 billion.

The 2.8m sq ft of new supply will take time to absorb.

Rents are expected to decline by up to 5% in Q4.

The ultra-rich are also expected to set up family offices in the city.

The Dorsett Kai Tak and the Metropark Hotel are notable expected openings.

Small to medium-sized units dominated the leasing market.

Transactions dropped 22% MoM to 2,848 during the month.