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Cheryl Arcibal

Prices for some new homes in Hong Kong have rebounded by as much as a third from the housing market’s lowest level a few years ago amid robust demand, according to analysts.
Developers have priced new units this year in Tseung Kwan O, Wong Chuk Hang and Tai Wai between 7 and 36 per cent higher than those sold in the same projects or in the same districts in previous years, data tracked by JLL showed.
The consultancy said that on average, prices for the first sales in new developments this year were about 15 per cent above lows over the past four years. Prices were also ticking up in successive batches of units offered at new projects this year, underscoring firm demand, according to Savills.
“Housing prices bottomed out in March last year and have since staged a gradual recovery, supported by interest rate cuts, the return of mainland Chinese buyers and improving market sentiment,” said Norry Lee, senior director of projects strategy and consultancy at JLL.
“Developers are no longer relying on discounted pricing to drive sales, with some units in popular projects recording double-digit price increases, reflecting strengthened market confidence.”
JLL’s comparison showed that average discounted prices at Grand Seasons, a residential project in Tseung Kwan O, were between HK$14,000 (US$1,787) and HK$15,000 per square foot when it launched in January 2025. But the latest batch of units at neighbouring La Mirabelle I early this year was more than 10 per cent more expensive, with average discounted prices of around HK$15,500 to HK$16,000 per square foot.
Grand Seasons was developed by Wheelock Properties and MTR Corporation, while La Mirabelle I was a project by a consortium of Sino Land, Kerry Properties, K Wah International, China Merchants Land and MTR.
New World Development (NWD) relaunched Pavilia Farm III in Tai Wai this year, with pricing of HK$21,344 per square foot after discounts. During the launch, NWD and partner MTR raised prices multiple times, with some premium units selling for more than HK$25,000 per square foot.

The new pricing averaged 6.7 per cent higher than the initial pricing in 2021, JLL said.
Blue Coast, a CK Asset and MTR project atop Wong Chuk Hang station on Hong Kong Island, launched two years ago with average discounted prices of HK$21,000 to HK$22,000 per square foot. This year, the latest price lists and transaction data indicated that prices for higher-quality units had stabilised at HK$25,000 to more than HK$30,000 per square foot for some upper-floor, four-bedroom units – 19 to 36 per cent above the initial launch pricing.
At Sun Hung Kai Properties’ Sierra Sea in Sai Sha, the average price of units rose by about 10 per cent between the first and third price lists this year, with each batch being oversubscribed, Savills data showed.
“The pattern is consistent: where demand absorbs supply cleanly, developers are pricing with greater confidence,” said Jack Tong, director of research and consultancy at Savills Hong Kong.
“The primary market has emerged as a clear beneficiary of capital seeking a stable, tangible store of value. A volatile global macro backdrop and sharp equity market swings have reinforced Hong Kong residential property’s appeal as a capital reallocation target, offering dollar-pegged assets, improving rental yields and relative price stability.”
JLL said the Kai Tak area had exhibited the strongest pricing recovery. New launches in the area in 2023 and 2024 were priced between HK$16,000 and HK$20,000 per square foot, but new launches this year topped HK$23,000 per square foot for the most desired units.
Despite the recent price hikes, new home prices remained around 10 to 20 per cent below the peak levels in 2021.
Both JLL and Savills pointed to risks that could hinder the upswing.
A potential interest rate increase by the US Federal Reserve could lead to moderating price growth, said Lee of JLL.
Beijing’s latest tightening of cross-border capital controls would also warrant “close attention”, said Savills’ Tong, as mainland Chinese buyers had accounted for about a third of all home purchases in Hong Kong since the removal of stamp duties in 2024.
“That said, the broader impact is likely to be contained,” Tong added, because the measures mostly targeted buyers funding bulk acquisitions, including through offshore investment and trading accounts.
In the first quarter of this year, mainland buyers bought HK$42.7 billion worth of homes in the city, a 93 per cent surge from a year earlier, he said.


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Developers ‘no longer relying on discounted pricing to drive sales’, with popular projects recording double-digit increases, JLL says


Developers ‘no longer relying on discounted pricing to drive sales’, with popular projects recording double-digit increases, JLL says.


Hong Kong developers rediscover pricing power amid firmer demand

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Developers ‘no longer relying on discounted pricing to drive sales’, with popular projects recording double-digit increases, JLL says

Developers ‘no longer relying on discounted pricing to drive sales’, with popular projects recording double-digit increases, JLL says