During the recent four-day Christmas holiday (Dec 25–28), Hong Kong's primary property market saw a significant slowdown in transactions, impacted by the seasonal lull and increased outbound travel.
According to market data, approximately 68 new home transactions were recorded during this period, down 12.8% from the 78 transactions registered the previous weekend (Dec 20–21), representing an approximately one-eighth decline in volume. With no major new launches driving sales, the market relied primarily on leftover inventory from projects such as KT Marina, Le Mont, and Grand Mayfair.
Despite the sluggish primary market, data from the four major property agencies showed increased activity in the secondary market. However, notable cases of substantial losses, including transactions at Mount Pavilia and St Martin, highlighted a "higher volume, lower price" trend for second-hand properties during the holiday.
New Home Sales Fall 12.8% to 68 Transactions Over Christmas
Market analysts attributed the 12.8% drop to the traditional end-of-year seasonal slowdown. With Christmas and New Year holidays approaching, many potential buyers shifted their focus to family gatherings or travel, significantly reducing market activity since mid-December.
Additionally, developers adjusted their strategies to align with the quiet season, holding off on launching large-scale new projects during the holidays. In the absence of major new developments, sales relied on leftover inventory from existing projects, leading to an inevitable decline in overall transaction volumes.
KT Marina Records 10 Transactions Over the Holiday, Grossing HK$78 Million
The KT Marina project, developed by K Wah International among others, achieved strong sales during the four-day Christmas holiday (Dec 25–28). The project recorded 10 transactions, including four two-bedroom units and six one-bedroom units, with a combined total of over HK$78 million, making it the most successful new development during the holiday period.
The highest-priced transaction was Unit C on the 18th floor of Tower 2C, with a sale price of HK$11.688 million. The 551-square-foot unit, featuring a two-bedroom layout, was purchased by a mainland Chinese buyer for self-use, at an average price of HK$21,212 per square foot.
Among the transactions, the second and third most expensive units were both two-bedroom layouts. Unit C on the 17th floor of Tower 2C sold for HK$11.578 million, with a usable area of 551 square feet, priced at HK$21,013 per square foot. Meanwhile, Unit B on the 25th floor of Tower 2C sold for HK$10.768 million, with a usable area of 482 square feet, at HK$22,340 per square foot. Notably, the latter achieved the highest price per square foot among all holiday transactions.
Le Mont Sells 8 Units Over Christmas, Generating HK$40.88 Million
Vanke Hong Kong's Le Mont Phase 2 and Phase 3 in Tai Po ranked second in sales during the Christmas holiday (December 25–28), with eight units sold, including six two-bedroom and two one-bedroom units, generating a total of HK$40.88 million.
The highest-priced unit was a two-bedroom flat in unit B6 on the eighth floor of Tower 3 in Phase 3, with a usable area of 475 square feet. It sold for HK$5.87 million, translating to HK$12,358 per square foot.
The second and third most expensive transactions were also two-bedroom units: Phase 3’s Unit D2, on the first floor of Tower 5, which sold for HK$5.639 million (391 square foot, HK$14,422 per square foot). Meanwhile, Unit B5 (Phase 2, Tower 1, 18/F) sold for HK$5.528 million (445 square foot, HK$12,422 per square foot). Notably, the unit in Tower 5, 1/F, achieved the highest price per square foot (HK$14,422) among all holiday transactions at Le Mont.
Grand Mayfair Sells 7 Units Over Christmas, Earning HK$37.23 Million
Grand Mayfair, developed by Sino Land near Kam Sheung Road Station in Yuen Long, continued to perform well during the Christmas holiday, selling seven one-bedroom units and grossing over HK$37.23 million.
The highest price per square foot was achieved by Grand Mayfair III’s Unit B7 (Tower 3, 12/F) with a usable area of 350 square feet. It sold for HK$5.4754 million, or HK$15,644 per square foot.
The two highest overall transaction prices came from Grand Mayfair I: Unit B8 on the second floor of Tower 6, and Unit B8 on the first floor in the same block. Both had a usable area of 355 square feet and sold for HK$5.5489 million and HK$5.5174 million, respectively, with prices per square foot at HK$15,631 and HK$15,542.
Since its launch in 2022, the Grand Mayfair series has sold 1,762 units, generating over HK$15.2 billion in total revenue. Currently, only six one-bedroom units remain available in Grand Mayfair I and II.
Secondary Market Sees Strong Sales Across Top 10 Blue-Chip Housing Estates
The four major agencies reported strong sales across the top 10 blue-chip housing estates over the long weekend. Midland Realty recorded 15 transactions (+87.5%), while Centaline Property recorded 13 (+85.71%). Ricacorp Properties and Hong Kong Property reported 13 (+116.67%) and 8 (+60%), respectively.
Ricacorp CEO Willy Liu noted that, despite many residents travelling during the Christmas holiday, the overall positive sentiment in the property market supported strong second-hand transactions over the weekend. This reflects steady buying interest among potential buyers.
Midland Realty Senior Director Sammy Po added that, despite the lack of major new project launches during the holiday, pent-up demand continued to support leftover stock in the primary market, which helped drive second-hand transactions as well. He anticipates more new projects launching soon, which will unleash further buying power and support price growth in both primary and secondary markets.
Secondary Market Sees Big Losses Despite Strong Transaction Volumes
Despite high transaction volumes, the secondary market recorded several significant loss-making deals.
At Mount Pavilia in Clear Water Bay, a penthouse in Tower 2 with a usable area of 1,482 square feet (four bedrooms, two living rooms, staff’s quarters, and mountain views) sold for HK$20.8 million, including a parking space. This was HK$12 million below the original asking price of HK$22 million, marking a 5.5% discount. The sale price of HK$14,035 per square foot was around 6% below market value.
The original owner purchased the unit for HK$30.82 million in December 2018, along with a parking space for HK$2 million. After holding the property for seven years, the sale resulted in a paper loss of HK$12.02 million, a 37% drop in value.
Similarly, a unit at St Martin in Pak Shek Kok, Tai Po, recorded another major loss during the Christmas holiday. Unit A2 (Tower 10, low floor), with a usable area of 624 square feet (3 bedrooms, including an en-suite), was sold for HK$8.5 million after negotiations, down from an initial asking price of HK$9.5 million. The price per square foot was approximately HK$13,622.
The original owner purchased the unit for HK$12.17 million in 2018. After holding it for seven years, the sale resulted in a paper loss of HK$3.67 million, equivalent to a 30% depreciation in value.
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