Mainland Buyers' Registered Property Purchases in Hong Kong Surpass HK$20 Billion in May, a First in 25 Months
Taylor Wilson
Mainland buyers registered HK$20.39 billion in Hong Kong residential deals in May, crossing the HK$20-billion mark for the first time in 25 months; year-to-date value nearly doubled, signalling a structural return rather than a one-month spike.
Why does the HK$20-billion mark matter?
May registrations by mainland buyers hit HK$20.39 billion, up about 6.8% month-on-month.
It is the first breach of HK$20 billion in 25 months, dating back to April 2024.
Registration volume came in at 1,863 deals, down 2.9% from April but still the second-highest reading in the same span.
This means → average deal size is rising — fewer transactions, but each one is bigger.
What do the year-to-date numbers show?
In the first five months of 2026, mainland buyers logged 7,666 deals worth roughly HK$82.21 billion.
That is up 63.7% in volume and 96% in value year-on-year — value growth nearly 1.5 times the pace of volume growth.
In plain terms = more buyers *and* pricier purchases are stacking on top of each other.
Primary or secondary market — where is the preference?
Primary-market registrations reached 3,805 deals, up 90.7% year-on-year; secondary-market registrations totalled 3,861, up 43.6%.
Deal counts are nearly level, but primary growth is more than double the secondary pace.
This reflects a clear preference for new builds — transparent pricing, no legacy issues, and a lower decision threshold.
Which secondary-market districts are drawing the most interest?
Across Midland Realty's "top-ten new communities," mainland buyers logged 459 secondary deals in five months, up 97% year-on-year — far outpacing the broader secondary market.
Nam Cheong led with 94 deals, up 168.6%; Kai Tak followed at 88 deals, more than doubling.
This means → even in the resale market, mainland buyers are clustering in newer development zones, not older urban cores.
What policy and behavioural shifts are behind this?
On 28 February 2024, Hong Kong scrapped all cooling measures — the Special Stamp Duty, Buyer's Stamp Duty, and New Residential Stamp Duty were eliminated, giving non-local buyers the same tax treatment as locals.
In plain terms = mainland buyers used to face a hefty surcharge; that barrier is now zero.
Industry sources say decision speeds have picked up markedly since September last year: "Some are buying two or three units at once, many above HK$50 million."
Wang Pin-di, director at Hong Kong Property Research, noted that mainland buyers treat Hong Kong property as a long-term investment — "some are purchasing five or six units in a single transaction."
Content is for reference only, not financial advice.