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The segment was likely to record another increase in the second quarter, they added.
“With the wealth effect from accumulated gains in the stock market over the past two years, both local and mainland Chinese capital have seized the opportunity to redeploy assets from stocks to properties, shifting a portion of their funds into the real estate market,” said Derek Chan Hoi-chiu, head of research at Ricacorp Properties.
In the first three months of the year, 64 homes worth more than HK$100 million (US$12.8 million) were sold in the city, 156 per cent higher than the 25 transactions a year earlier, according to data compiled by CBRE. The total value of these transactions also more than doubled, to about HK$11.7 billion from HK$5.43 billion in the first quarter of 2025, the consultancy said.
Savills, meanwhile, tracked 58 luxury-home transactions in the period, with 18 of the assets acquired by verified mainland buyers. Another 33 buyers were of unknown nationality, and because some of these were mainland buyers, the consultancy estimated that mainland residents accounted for more than half of the upscale home deals.
Affluent Hongkongers also splurged on luxury properties. Lisa Kan Chin Chin, identified as the manager of Hong Kong singer and actor Eason Chan, bought a 3,627 sq ft flat at The Corniche in Ap Lei Chau for about HK$141 million on March 27, according to official records.
