Hong Kong home prices to see up to 10pc hike in 2026: Stewart Leung

Wheelock Properties chairman Stewart Leung Chi-kin expected Hong Kong's home price will hike 8 to 10 percent, expressing concern over whether the increased stamp duty for homes valued over HK$100 million will impact the recovery of the luxury residential market.

Leung, also serves as the chairman of the Real Estate Developers Association, said the stamp duty adjustment has a limited effect on developers as it only involves hundreds of transactions every year.

As the deals in the primary market surpassed 1,000 for several consecutive months, the home price index rose, and rents hit a new high, coupled with the decrease in home inventories and the improvement in the government's financial conditions, home sales are expected to grow further, said Ricky Wong Kwong-yiu, vice chairman and managing director of Wheelock Properties.

The developer said it has sold 480 units to date this year, cashing in over HK$5 billion.

It also planned to launch 4 projects in 2026, coupled with the projects on sale, bringing the total to over 2,000 units offered in the market.

Last year, Wheelock properties recorded sales of HK$26.5 billion, up 20 percent year-on-year, among which home sales amounted to HK$26.1 billion, covering more than 2,300 flats.

Wong said the company currently owns over 5.2 million square feet of land reserves, which is sufficient for its development in the following years.  

Driven by the warm market response to recent government land sales, the company aims to seize the opportunity to acquire new projects within the year, he added.

Regarding the Northern Metropolis, Leung noted that as a large-scale development, it is necessary to prioritize investment promotion rather than relying solely on local developers.

He pointed out that developers may lack connections in the artificial intelligence sector, which the region aims to cultivate, and expressed hope that the government would lead the matchmaking process to ensure fair participation for all parties.

He said the developers showed interest in the tender for pilot areas in the Northern Metropolis, expecting that the government would unveil more details on the planning and even introduce investors from the Middle East or Southeast Asia.