Hong Kong Luxury Market 2024
Kelly Robinson
Kelly Robinson
As of 2024, Hong Kong’s luxury residential real estate market is facing significant challenges. The high-end segment has been under pressure due to rising interest rates and decreased demand from Mainland Chinese buyers, resulting in a drop in property values. Luxury home prices are expected to decline by 15-20% this year, particularly impacting townhouses and high-end apartments. This downturn follows an extended period of price adjustments across the city’s residential market, exacerbated by high mortgage costs and large-scale emigration from Hong Kong.
Additionally, while the overall residential market in Hong Kong has shown some signs of activity, transaction volumes remain low, and unsold inventory is high, which will likely take years to fully absorb. These factors have led to increased discounting by developers, particularly on new launches, as they aim to attract a limited pool of buyers.
Looking forward, there is cautious optimism that stabilization could occur as the market adjusts to new economic realities, though significant recovery might not be imminent. The market outlook reflects broader economic concerns, with luxury properties continuing to be vulnerable to market fluctuations.
This graph depicts the 2024 snapshot of Hong Kong’s luxury residential real estate market. It highlights the percentage changes or impact levels across key factors:
These elements illustrate the market’s current challenges, particularly for high-end properties.
Check out our latest real estate listings from the team in more areas in New York City
Known for their attention to detail and collaborative work style, the One Global Advisory Team works to ensure their clients are expertly represented every step of the way.
CONTACT US