The figure reached HKD42.7 billion (US$5.5 billion), while the number of deals involving mainland purchasers increased 53% year-on-year to 3,882 units across both primary and secondary market, according to Hong Kong property data platform Midland Realty.

The data indicates a stronger appetite for higher-value properties. Expenditure on new homes reached HKD24.7 billion, almost 37% higher than in the secondary market, accounting for roughly a third of total primary sales by value.

The uptick has coincided with a broader rise in developer activity. Primary transactions rose to 6,284 units in the quarter, marking the highest level for the period in over a decade, as pent-up demand returned to the market.

Buildings in Hong Kong. Photo by Pixabay/fabSB17

In value terms, new-home sales increased 21%quarter-on-quarter to HKD70.8 billion, highlighting sustained buying momentum.

“A stronger yuan, alongside recovering home prices and relatively attractive rental yields, has supported buying interest,” said Midland analyst Benny Sham, as report by South China Morning Post.

Analysts said an inflow of mainland professionals relocating under government talent schemes is adding to housing demand, with many households shifting from renting to homeownership, tightening supply and supporting prices.

Recent project launches indicate that demand remains resilient. In Tai Wai, New World Development and MTR Corp’s The Pavilia Farm III saw mainland buyers account for about 30% of units sold by tender on Monday. Other newly launched projects have likewise drawn notable mainland interest.

Among them, Sun Hung Kai Properties’ Sierra Sea in Sai Sha generated about HKD1.35 billion in mainland-related transactions, while several developments in Kai Tak (a major redevelopment district) ranked among the most sought-after, underscoring demand for newer housing stock.

“We believe mainland demand will be stronger this year (because) the real-high-net-worth people need to buy a fixed asset. They will purchase more properties in Hong Kong,” said Thomas Lam, Knight Frank’s head of research for Greater China, as cited by ABC News.

In the luxury segment, mainland buyers accounted for roughly 50%–60% of new-home transactions priced above HKD100 million in 2025, a trend analysts expect to persist.

“Strong capital markets and the relocation of mainland executives will continue to fuel demand this year,” said Eddie Kwok, executive director at CBRE.

Cushman & Wakefield expects home prices to increase by 7–10% this year, although geopolitical risks could limit gains to around 5%.