Zhongyuan Real Estate: In the first 11 months of the Hong Kong property market, Mandarin pinyin buyer transactions broke 12,500 transactions involving HK$125.6 billion

The Zhitong Finance App learned that the Hong Kong property market is once again experiencing a “North Water” boom. According to the latest data from Central Plains Real Estate, the total monthly transaction amount of buyers registered in Mandarin Pinyin reached HK$15.98 billion in November, up nearly 3% from the previous month, rising for 3 months in a row, setting a new high in the past year. In the first 11 months of 2025, the total volume of such buyers increased to 125.5 million, involving HK$125.6 billion, surpassing the full year of last year's 116.31 million transactions and reaching a new high since records began in 1995.

Chen Yongjie, vice chairman of the Asia Pacific region of Central Plains Real Estate and president of the Housing Department, said that although the number of transactions of Mandarin Pinyin buyers dropped to 1,263 last month, which is a two-month low, it has remained above 1,000 for 9 consecutive months, proving that the influx of mainland buyers continues. More importantly, the average property price for Putonghua Pinyin buyers was HK$12.66 million, up more than 10% from HK$1.37 million in October. It rose for five months and hit an 18-month high. Compared with the low level of HK$8.5 million in February this year, it soared nearly 50%, reflecting an increase in purchasing power.

Data analysis shows that mainland customers have a soft spot for first-hand new properties that have the advantage of building age. In November, Putonghua Pinyin buyers in the first-hand market recorded 576 transactions, accounting for 33% of the total 1,745 first-hand transactions, and attracted HK$9.34 billion. The second-hand market recorded 687 Mandarin Pinyin buyer transactions, accounting for 20.4% of the total 3,367 second-hand transactions, involving HK$6.65 billion.

In terms of regional distribution, the Kai Tak New Area, where the supply of new properties has been concentrated in recent years, has become a “home ground” for mainland customers to buy properties. Kai Tak recorded a total of 280 transactions last month, of which 148 (over 52%) were from Mandarin Pinyin buyers, the highest number in Hong Kong. New properties in the region, such as Kai Tak Tianxi Tianxi, Tiantong, and Jingjing, have become a center for large transactions.

Chen Yongjie expects that the turnover and amount of Mandarin pinyin buyers this year is expected to challenge 13,800 units and HK$138 billion, which is likely to set a record for two consecutive years. As capital continues to pour in and the luxury housing market heats up, he also anticipates that the “North Water Effect” will continue until next year, and Hong Kong property prices will rise by about 15%.