Hong Kong real estate brokerage Centaline Property said luxury single-family home deals totaled 164 in the first quarter (January-March), with a combined contract value of HK$9.056 billion (about 184 billion yen). The number of deals fell 9.4% from the previous quarter, but total value rose 6.0% to the highest level in 18 quarters.
New-home transactions rose 5.3% to 20 deals, and their value jumped 27.9% to HK$3.661 billion. Resale deals fell 11.1% to 144, and value slipped 5.0% to HK$5.395 billion. Centaline said resale activity has been weakening, but noted that deal volume has stayed above 100 for six straight quarters, indicating demand from buyers and investors remains solid.
Ultra-luxury homes priced above HK$100 million accounted for 22 deals, up 4.8%, while their value increased 14.6% to HK$6.006 billion. Both measures rose for a fourth consecutive quarter. The priciest deal was a resale unit at Mount Nicholson on Hong Kong Island’s Victoria Peak, at HK$1.039 billion. A new unit at Plantation Blue Pearl, also on Victoria Peak, followed at HK$557.9 million.
Yang Mingyi, senior associate director in Centaline’s research department, said improving market conditions and rising asking prices have continued to draw capital from wealthy buyers, signaling a recovery in the luxury single-family home segment.
Yang also said second-quarter (April-June) activity could cool, citing the Hong Kong government’s February increase in stamp duty rates on home transactions above HK$100 million, Middle East turmoil and continued price gains in the resale market.
* This article has been translated by AI.
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