Hong Kong investment volumes rise 12% to $39.0b in 2025

Hotels and serviced apartments totalled $6.3b; en-bloc residential rose 145% to $1.3b, it said.

Hong Kong’s investment transaction volumes reached $39.0b in 2025, up 12 % YoY, with activity accelerating sharply in the fourth quarter, according to Colliers.

The firm said Q4 volumes rose 65% QoQ, driven by clearer market signals and more attractive pricing.

Colliers said the market’s momentum was supported by three US Federal Reserve rate cuts totalling 0.75%, which lowered borrowing costs and helped restore investor confidence. It also cited positive wealth effects from the Hang Seng Index as encouraging capital deployment.

Deal activity during the year was dominated by large transactions, with 85 deals valued above $100m, mainly by end users. Offices accounted for more than 60% of total investment value, rising 71% YoY to $24.2b.

Hotels and serviced apartments recorded $6.3b in transactions, whilst en-bloc residential investment rose 145 % YoY to $1.3 billion.

Chinese Mainland buyers emerged as a key force, accounting for 59% of transaction value in the fourth quarter, Colliers said.

Looking ahead, Colliers expects investors to move quickly to capture repricing opportunities, particularly in undervalued office assets, before prices stabilise.

It forecasts full-year transaction volumes of $42.0b in 2026, representing growth of about 5% to 10%, led by the office and accommodation sectors.