Hong Kong second-hand private residential sales explode! Over 4,000 transactions in March, reaching a 56-month high

Since the “withdrawal of辣” at the end of February 2024, Hong Kong’s residential property transactions have rebounded strongly. In March this year, Hong Kong’s secondary private residential market recorded 4,621 transactions for HKD 35.84 billion, the highest since July 2021’s 5,088 transactions for a period of 56 months over 4.5 years( new high, and the transaction amount also hit a new high over 36 months since March 2023’s HKD 36.10 billion).

According to data monitored by Centaline Property Hong Kong, in March this year, Hong Kong’s secondary private residential market recorded 4,621 transactions and HKD 35.84 billion, up 18.1% and 20.7% respectively from February’s 3,913 transactions and HKD 29.69 billion.

By this point, in the first quarter of this year, Hong Kong’s secondary private residential market recorded 12,449 transactions and HKD 94.91 billion, up 13.6% and 12.4% quarter-on-quarter. The number of deals reached a new high in nearly 18 quarters since 13,084 transactions in Q3 2021, while the transaction amount reached a new high in nearly 15 quarters since HKD 96.54 billion in Q2 2022.

For primary private residential properties, in March there were 1,413 transactions and HKD 18.25 billion, down 44.7% and 33.2% from February’s 2,557 transactions and HKD 27.34 billion. Although there was a lack of large-scale new project launches during the Lunar New Year period, sell-through of remaining units also drove primary-market transaction volume to stay above 1,000 deals for 13 consecutive months. As a result, in the first quarter, Hong Kong’s primary private residential transactions recorded 5,505 transactions and HKD 64.75 billion, down 1.3% and 5.4% quarter-on-quarter.

Centaline Property Hong Kong said that in March, Hong Kong’s overall residential property building sales and purchase registrations recorded 6,316 transactions and HKD 55.184 billion, down 5.3% and 4.2% respectively from February’s 6,669 transactions and HKD 57.598 billion. Although overall residential property trading activity eased, it has still remained at more than 6,000 transactions for two consecutive months.

Yang Mingyi, Senior Co-Director of Centaline Research, said that in March 2026, the contract registrations for Hong Kong’s overall building sales and purchases( including residential, parking spaces, and industrial and commercial shop properties) totaled 7,737 transactions, with a total value of HKD 62.311 billion, and the amount hit a high in nearly three months. This reflects that the seasonal peak in the property market appeared earlier; during the February Lunar New Year holiday, trading remained active. The overall registration numbers have stayed above 7,000 for six consecutive months, the first time in more than four years since 2021. “We believe April registrations are expected to stabilize around 8,000 transactions.”

From a quarterly perspective, in Q1 2026, Hong Kong’s overall residential property building recorded 18,654 transactions and HKD 1620.03 billion, up 8.5% and 5.2% quarter-on-quarter. The number of deals was a new high in 18 quarters since 18,969 transactions in Q3 2021, and the transaction amount was a new high in 7 quarters since HKD 1653.23 billion in Q2 2024. Overall building sales and purchase registrations totaled 23,292 transactions and HKD 1817.06 billion, the second-highest in 18 quarters since 25,232 transactions in Q3 2021, and the transaction amount reached a new high in 7 quarters since HKD 1873.13 billion in Q2 2024. This shows that since Q2 2025, Hong Kong’s overall property market has continued to rebound steadily.

With transaction volumes forming a base, Hong Kong’s property price index has continued to rise. Yang Mingyi said that the Centaline City Leading Index (CCL) has the latest reading of 152.17 points, up 0.85% week-on-week, with the index hitting a new high for over 124 weeks( of more than 2 years since mid-November 2023. Based on the official dates of sale and purchase contracts, compared with the end of 2025, in the first quarter of 2026 the CCL rose by 5.59%, and CCL Mass rose by 5.96%. Among them, the Hong Kong Island segment rose by 10.24%, clearly outperforming the overall market. The main reason is that last year Hong Kong Island property prices rose by only 1.15%, the smallest increase among the eight major indices, so this year’s market sees a catch-up.

Yang Mingyi pointed out that after the peak in 2021, Hong Kong’s property market cooled down; the government slowed the pace of land sales and gradually lowered supply. The number of completed new homes fell by more than 25%. It is estimated that in 2026, 69 completion projects will provide a total of 18,783 units, and in 2027, 69 completion projects will provide a total of 12,236 units. The pace of unit delivery is accelerating, and medium- to long-term supply will gradually decline. In the future, the supply and demand for primary home market will return to balance.

Written by: Nandu·Wan Finance Society reporter Qiu Yongfen