Hong Kong New Unit Prices Surge 7-36% Year-over-Year in Key Districts

Developers have priced new units this year in Tseung Kwan O, Wong Chuk Hang and Tai Wai between 7 and 36 per cent higher than those sold in the same projects or in the same districts in previous years, data tracked by JLL showed. The consultancy said that on average, prices for the first sales in new developments this year were about 15 per cent above lows over the past four years. Prices were also ticking up in successive batches of units offered at new projects this year, underscoring firm demand, according to Savills. “Housing prices bottomed out in March last year and have since staged a gradual recovery, supported by interest rate cuts, the return of mainland Chinese buyers and improving market sentiment,” said Norry Lee, senior director of projects strategy and consultancy at JLL. “Developers are no longer relying on discounted pricing to drive sales, with some units in popular projects recording double-digit price increases, reflecting strengthened market confidence.” JLL’s comparison showed that average discounted prices at Grand Seasons, a residential project in Tseung Kwan O, were between HK$14,000 (US$1,787) and HK$15,000 per square foot when it launched in January 2025. But the latest batch of units at neighbouring La Mirabelle I early this year was more than 10 per cent more expensive, with average discounted prices of around HK$15,500 to HK$16,000 per square foot.