Hong Kong logs US$95 million worth of luxury home deals in a single day

Records from the Land Registry showed that five upscale homes – from areas such as Mid-Levels, Wan Chai and Sai Kung – changed hands in deals valued between HK$93 million and HK$238 million.The flurry of luxury home deals comes amid a recovery in Hong Kong’s residential property segment, as affluent homebuyers and investors aggressively snapped up trophy assets.Recent deals were viewed as a signal that the number of attractively priced luxury homes could be dwindling, which led to a rush in deals being completed, according to Ricacorp Properties.“The supply of ultra-luxury properties in Hong Kong is structurally extremely limited to begin with,” said Derek Chan Hoi-chiu, head of research at Ricacorp Properties. “Few new prime locations or rare properties are launched each year, and many high-quality older buildings are being held for the long term.”As of November, the prices of homes with areas of at least 1,076 sq ft rose by about 1.35 per cent compared with the end of 2024, according to official data. That was still lower by about 20 per cent from their peak in October 2021.“With property prices significantly down from historical highs, Mainland capital has been strongly drawn back,” Chan said. “Buyers are concerned that the window for acquiring ‘good-quality properties’ is closing. Prices have already stabilised and are starting to rise, and delaying a purchase would only make it more expensive later.”