appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

Peggy Ye

After several subdued years, 2025 marked a turning point for demand in Hong Kong’s most prestigious housing enclaves, as mainland buyers streamed back into scarce ultra-luxury homes once prices stabilised and transaction momentum rolled into the new year.
That shift was most visible in The Peak and Southern district – two low-density, ultra-wealthy neighbourhoods on opposite ends of Hong Kong Island. Mainland purchasers bought about HK$16 billion (US$2.05 billion) worth of homes in the areas in 2025, accounting for the vast majority of ultra-high-end transactions there, brokerage data showed.
The data is based on the use of Putonghua pinyin names in Land Registry records, although some buyers may be Hong Kong permanent residents.
The surge marked a clear turnaround for districts that had seen muted activity in recent years. The Peak and Southern district recorded 174 primary and secondary market transactions in 2025, with total deal value rising 21.2 per cent from a year earlier to HK$19.9 billion. That was the highest annual turnover since 2021, when transaction value peaked at HK$26.1 billion during the previous market high.
Big-ticket deals drove much of that rebound. The two districts logged 58 transactions worth more than HK$100 million in 2025, nearly double the level recorded in 2024. Mainland capital was behind 80 per cent of those nine-figure deals, underscoring the group’s dominance at the very top of the market.
The renewed buying coincided with prolonged weakness in mainland China’s property sector.
“Hong Kong’s luxury homes, given their scarcity and value-preserving characteristics, have become an important safe-haven for mainland capital,” said Louis Ho Siu-tong, senior associate director covering The Peak, Southern district and other areas at Centaline Property.
Primary market homes, often favoured by mainland buyers for their newer designs and clearer ownership structures, took centre stage. In 2025, The Peak and Southern district recorded 42 first-hand luxury home transactions, up 61.5 per cent from a year earlier and the highest level in nine years, Centaline Property said.

Fuelled by record prices achieved in a HK$2.2 billion sale at ultra-luxury development 6 Deep Water Bay Road, total primary market transaction value reached HK$8.89 billion, about 50 per cent higher than a year earlier and the highest since 2018.
The momentum has carried into early 2026. On January 2, a single mainland buyer purchased six units across three floors at The 1 South Bay Close, a newly completed luxury residential project in the Southern district, for about HK$860 million, according to market sources.
Activity has also picked up in the secondary market, which had been under the most pressure in recent years amid weaker economic conditions and high interest rates. Those pressures have prompted some long-established local families – many with heavy exposure to the commercial property sector – to offload prized residential assets.
One such prominent sale involved 1 Gough Hill Road. The property, previously held by knitwear trader Law Kin-sang and related parties, was sold in August 2025 for HK$1.1 billion, with the buyer identified as a mainland purchaser. The price worked out to HK$95,018 per square foot.
The mansion, covering 11,451 sq ft, features five bedrooms and five bathrooms, with a 10,357 sq ft garden, a rooftop terrace of 3,035 sq ft and vehicle parking space that is larger than Hong Kong’s average home size.
In November, a buyer bearing the same name as mainland veteran investor Xu Liusheng acquired a HK$342 million unit in the affluent Southern district. The Deep Water Bay property – with 3,927 sq ft of saleable area – sold for HK$87,089 per square foot.
Xu paid HK$10 million less than the HK$352 million the property’s previous owner, Chen Sze-lok, paid in 2015.
Centaline’s Ho said mainland buyers had increasingly favoured the Southern district over The Peak, citing practical considerations such as driving conditions on winding hillside roads.
The rebound in purchases has been mirrored in the rental market, which is often seen as a leading indicator of buying interest. The Peak and Southern district recorded about 567 rental transactions in 2025, up 9.2 per cent from 2024, with leases of HK$200,000 or more accounting for a growing share.
Looking ahead, Ho said geopolitical uncertainty, an influx of talent migrants and a robust stock market were likely to continue underpinning demand for super-luxury homes.
Centaline forecast a 10 per cent rise in primary luxury home prices and gains of 5 per cent to 10 per cent in the secondary market, alongside steady rental growth.
Midland Realty said The Peak and Southern district would record more than 200 deals in 2026, with the potential to challenge the 300-deal level.


Amazon and Shorea Capital deals underscore foreign interest in commercial property

Despite higher costs, Hong Kong’s student residences attract mainland Chinese renters

Why a hawkish US Fed won’t derail Hong Kong’s property recovery

Once the world’s most-visited city, Hong Kong now converts hotels into student dorms

Hong Kong property

Mainland Chinese buyers pour US$2 billion into Hong Kong super-luxury homes

Luxury residences perch on Mount Kellett Road, The Peak, overlooking southern Hong Kong Island. Photo: Roy Issa

A view of luxury home dotting the hills around Stanley on the south side of Hong Kong Island. Photo: Shutterstock

Mainland Chinese money to drive 10% rise in Hong Kong commercial property deals: Colliers

Workers clean the windows of a building in Tamar, with reflections of Wan Chai office towers reflected in the glass, on April 30, 2025. Photo: May Tse

A view of One Causeway Bay office in Causeway Bay on January 9, 2026. Photo: Nora Tam

Hong Kong developers test demand for ultra-luxury homes with new launch on The Peak

Wharf Holdings’ latest Plantation Road launch reflects how developers are encouraged by improved market sentiment, following a number of big-ticket transactions this year. Photo: Handout

A view of luxury homes at 35a Mount Kellett Road on The Peak, overlooking Aberdeen and South Horizons on Hong Kong Island. Photo: SCMP

Hong Kong developer SHKP nudges up prices on latest Sierra Sea flats on offer

A general view of Sun Hung Kai Properties’ Sierra Sea residential development. Photo: Edmond So

Sun Hung Kai Properties sold all 376 flats allocated to buyers of its Sierra Sea residential project on May 18, 2025. Photo: Jonathan Wong

Business

Property

Hong Kong & China

News

Hong Kong

Hong Kong Economy

Mainland buyers account for 80 per cent of the city’s biggest blockbuster deals in the most exclusive neighbourhoods in 2025


Mainland buyers account for 80 per cent of the city’s biggest blockbuster deals in the most exclusive neighbourhoods in 2025.


Mainland Chinese buyers pour US$2 billion into Hong Kong super-luxury homes

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Mainland buyers account for 80 per cent of the city’s biggest blockbuster deals in the most exclusive neighbourhoods in 2025

Mainland buyers account for 80 per cent of the city’s biggest blockbuster deals in the most exclusive neighbourhoods in 2025