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The number of deals involved in Hong Kong home buyers has doubled more than three times over the past two years, and official data appears, a jump attributed by experts in part to the government’s clearance of real estate market cooling measures.
However, the number of transactions by local buyers increased by only 14 percent between 2023-24 and 2024-25, with another level of 34 percent from the number for 2020-21, when the Covid-19 pandemic began hitting the city.
The variable makeup of the house buyers was clarified in the numbers provided by the financial services and the treasury office submitted to the Finance Committee of the Legislative Council on Thursday.
The non-localists participated in 2,997 residential real estate deals in 2024-25, including $ 31.3 billion, Hong Kong ($ 4.02 billion) in total. They participated in 700 deals in 2023-24, with $ 6.78 billion in Hong Kong’s dollars in property change. In 2020-21, buyers from outside the city participated in only 110 residential real estate deals.
The office defines non -local buyers as those who have no form of Hong Kong ID card.
Treasury numbers also showed that the number of deals made by Hongkongers in the past fiscal year has risen to 48458 out of 42475 in 2023-24, which were still behind 72,909 transactions registered in 2020-21.
