Hong Kong’s ultra-luxury housing market appears to be undergoing a revival, with major deals, rising prices and stronger leasing demand signalling a decisive turn after a multi‑year slump.
Deals above HK$100 million have re-emerged as a key barometer of confidence among ultra‑high‑net‑worth buyers. Market commentary citing Land Registry data indicates that transactions in this bracket have rebounded from 2023 lows, with more than 200 such deals recorded in the first 11 months of 2025, well above the previous year’s tally of 128.
Agents note that momentum has carried into early 2026, with multiple nine‑figure sales concluded in January and February across traditional trophy addresses on the Peak, in Deep Water Bay and in Kowloon Tong.
One benchmark transaction at the end of 2025 saw a house at 39 Deep Water Bay change hands for HK$319 million, underlining renewed appetite for blue‑chip assets.
The ultra‑prime revival comes against a backdrop of a broader market turn. Official data show Hong Kong private home prices rose about 3.3 per cent in 2025, the first annual gain since 2021, as interest rate cuts and shrinking inventory helped to thaw sentiment.
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Research from international agencies projects luxury home prices will climb a further 3 to 5 per cent in 2026, with mass‑market units expected to rise slightly faster. Analysts say the worst of the correction in high‑end values is now over, though prices remain below their 2021 peak, leaving room for further increases.
Capital from mainland China is once again a powerful driver at the top end. In 2025, mainland buyers accounted for roughly one‑fifth of all residential transactions by value, spending a record HK$138 billion.
Consultants point to Beijing‑based entrepreneurs, tech founders and second‑generation family business owners targeting Hong Kong both as a wealth‑preservation move and as a base for succession planning.
Leasing in the luxury and ultra‑luxury segments is also tightening, supported by the return of expatriate managers and mainland professionals, as well as local families trading up.
Prime districts from Mid‑Levels and the Peak to West Kowloon are seeing firmer achieved rents, with forecasts for a further rise this year as limited new stock meets steady corporate demand.
