Hong Kong – Finding Property to Buy

Who are the leading estate agents in Hong Kong, and how do they operate?

Hong Kong’s property sector is served by a broad spectrum of players — major local chains with extensive branch networks, smaller boutique firms, and well-known international agencies with established offices throughout the city. Whether your goal is a modest apartment in a busy urban district or a spacious luxury villa with harbour views, agents are plentiful. What matters most before committing to any agency, however, is understanding how it conducts business.

Major local chains account for the largest share of transaction volume. Centaline Property (www.centanet.com) and Midland Realty (www.midland.com.hk) are the two most prominent names in this category. Midland in particular maintains an almost ubiquitous street presence across Hong Kong, with branches visible in virtually every neighbourhood. Both agencies handle large volumes of secondary market transactions and maintain comprehensive branch coverage across all principal districts.

International agencies with a significant Hong Kong presence include Savills (www.savills.com.hk), Knight Frank (www.knightfrank.com.hk), JLL, and CBRE. Knight Frank, an independent real estate consultancy with over five decades of activity in Hong Kong, is a leading player in the upper-end residential segment alongside substantial commercial and investment operations.

Boutique and internationally oriented agencies are also a well-established part of the market. Engel & Völkers attracts a strong following among globally mobile residents and focuses on premium homes — including villas on The Peak, generous apartments in Happy Valley, and sea-view properties in Repulse Bay. Nest Property positions itself as a bespoke, full-service agency assisting clients with corporate relocations, purchases, and serviced apartment searches, assigning each client a dedicated point of contact throughout the process. OKAY.com has built a reputation as an award-winning agency committed to transparent and accurate listings, and is widely recognised for its innovative use of technology. Habitat Property (www.habitat-property.com) is another respected boutique firm concentrating on high-end homes, with around 70% of its business generated through client referrals and a diverse international clientele spanning Hong Kong Chinese, Mainland Chinese, and expatriate purchasers.

The way agents operate in Hong Kong differs substantially from many comparable markets. In the United States, buyers and sellers almost always retain separate agents under formal representation agreements. In the United Kingdom, the estate agent explicitly represents the vendor. In Hong Kong, by contrast, a single agent handling both buyer and seller within the same deal is not only legally permitted but routinely practised — a situation often referred to as dual agency. This arrangement does not necessarily mean the agent will work against your interests, but it does mean their allegiance is not exclusively yours. Before proceeding with any agent, establish clearly in writing which party they formally represent, and ensure you have instructed your own solicitor to independently scrutinise all contractual documents and safeguard your position.

Do estate agents in Hong Kong need to be qualified or licensed, and how can buyers verify this?

The Estate Agents Authority (EAA) is a statutory body created under the Estate Agents Ordinance (Cap 511) to regulate estate agency practice in Hong Kong, elevate the professional competence of practitioners, and uphold rigorous standards of ethics across the industry. For any buyer navigating the Hong Kong property market, the EAA is the most important regulatory institution to be aware of.

With limited exceptions set out in the Ordinance, anyone carrying out estate agency work as part of a business in Hong Kong must hold a current, valid estate agent’s licence. Both licensed estate agents and licensed salespersons are permitted to carry out estate agency work; however, each estate agency business must be overseen by a manager, a role that only a licensed estate agent — not a salesperson — may fill.

To qualify for a licence, candidates must satisfy the applicable educational requirements and pass the Qualifying Examination for Estate Agents administered by the EAA. Once licensed, practitioners are expected to fulfil annual continuing professional development (CPD) obligations; those who do so are entitled to display an EAA-endorsed CPD attainment symbol on their professional materials.

Verifying an agent’s licence: The EAA maintains a publicly accessible licence list online. Before engaging any agent, you can search this database at www.eaa.org.hk/en-us/Licence-list. Agents are also legally obliged to carry their licence card at all times — always ask to see it. Further information is available through the EAA’s main website at www.eaa.org.hk.

What happens if something goes wrong: The EAA holds disciplinary powers under the law. Its Disciplinary Committee examines cases of alleged non-compliance and decides whether a formal hearing is warranted; at any such hearing, the licensee has the right to legal representation. Should you encounter an individual who appears to be practising estate agency without a licence, or who behaves improperly, a complaint can be lodged directly with the EAA. Operating without a valid licence constitutes a criminal offence under the Ordinance.

What fees do estate agents charge in Hong Kong, and who pays them?

Estate agent commissions in Hong Kong are not set by law and are therefore open to negotiation. In practice, a broadly recognised market convention has emerged for residential sales. As of 2024–2025, the widely accepted norm for a property transaction is approximately 1% of the sale price from each party — meaning roughly 1% from the seller and 1% from the buyer — resulting in a combined commission of around 2%. In reality, the exact figure depends on the agency involved, the value of the property, and what is agreed between the parties.

This arrangement differs notably from the UK model, where the seller bears the full agent’s fee and the buyer pays nothing directly to the agent. In Hong Kong, buyers are generally expected to contribute their own share of the commission. This is a cost that should be built into your financial planning from the outset, alongside stamp duty, solicitor’s fees, and other transaction expenses.

Commission is normally calculated as a percentage of the agreed purchase price rather than as a flat sum. On higher-value properties, there may be scope to negotiate a reduced rate. Where buyers purchase directly from a developer’s sales office or showroom, the commission structure is typically different — buyers often pay no commission directly, as developers generally incorporate this cost into their overall pricing or cover it independently.

For the most reliable and current guidance on commission conventions, consult the Estate Agents Authority (EAA) directly. The EAA publishes practice guidelines on this subject and also provides a formal mechanism for resolving commission disputes under the Estate Agents (Determination of Commission Disputes) Regulation. As a matter of good practice, always confirm the commission arrangement in writing before executing any estate agency agreement.

Where else can buyers find properties for sale in Hong Kong besides estate agents?

Prospective buyers are by no means limited to visiting agency offices in person. A range of well-regarded online platforms and resources allow independent market research across all districts and property types. The following are among the most useful:

• Centaline Property (CentaNet) — www.centanet.com: One of Hong Kong’s most extensive property search databases, offering listings for sale and rent across every district. Operated by Centaline Property, it is widely consulted by both local residents and international buyers.
• Midland Realty — www.midland.com.hk: The online platform of one of Hong Kong’s largest agency chains, providing broad coverage of secondary market listings throughout the territory.
• OKAY.com — www.okay.com: An award-winning agency whose focus on precise, authentic listings has earned it a strong following, especially among internationally mobile buyers. Its consultants are noted for client-centred service rather than high-pressure sales tactics.
• Squarefoot — www.squarefoot.com.hk: A well-established independent aggregator that compiles listings from multiple agencies, making it particularly valuable for market research and price benchmarking.
• 28HSE — www.28hse.com: A widely used aggregator popular with local buyers, with strong secondary market coverage for both sales and rentals across Hong Kong.
• Spacious — www.spacious.hk: A technology-driven platform favoured by the internationally mobile community, offering bilingual listings in English and Chinese alongside detailed neighbourhood profiles.
• HongKongHomes.com — hongkonghomes.com: A platform tailored to those relocating to Hong Kong, with multilingual agents who specialise in particular districts and can assist buyers new to the city.
• The South China Morning Post (SCMP) Property — www.scmp.com/property: Hong Kong’s leading English-language newspaper maintains an active property section featuring listings and market commentary, useful for research as well as finding properties on the market.
• Developer websites: For newly built properties, major developers — including Sun Hung Kai Properties, Henderson Land, CK Asset Holdings, and New World Development — often list available units directly on their own websites and through dedicated sales offices.
• Social media and expat community groups: Facebook groups such as “Hong Kong Expats” and various online community forums are regularly used to share off-market opportunities and neighbourhood recommendations. These can be a practical way to identify suitable areas and get candid local perspectives. That said, always treat unverified listings with caution and confirm the EAA licence of any agent you encounter through these channels before proceeding.

Is using a buyer’s agent common in Hong Kong, and what do they cost?

Agents who act exclusively on behalf of the purchaser — rather than simultaneously for the vendor — are not as formally established in Hong Kong as they are in certain other property markets. In Australia, for instance, buyer’s agents form a distinct and well-organised profession with its own representative body, and their services are routinely sought by buyers purchasing from a distance or competing in fast-moving auction environments. In Hong Kong, the concept exists and is practised, but lacks the same degree of formal structure.

In practice, several of Hong Kong’s boutique agencies — particularly those that have built their reputation serving internationally mobile clients — present themselves as working primarily in the buyer’s corner. Nest Property and Habitat Property, for example, both emphasise highly personalised service and careful property matching tailored to each client’s specific requirements. Many such agencies employ staff from varied national and professional backgrounds, which can be especially beneficial for buyers who want an agent with genuine understanding of their cultural expectations and priorities.

If you engage an agent in Hong Kong to assist with your property search, it is vital to establish in writing at the outset whether that agent is representing you, the vendor, or both parties simultaneously. Where an agent is acting exclusively for the buyer, their fee structure may be arranged differently — either paid directly by the buyer, or agreed in conjunction with the seller’s representation. Fees for buyer-oriented services vary but tend to fall within a broadly comparable range to standard agency commissions (typically around 1% of the sale price). Some relocation-focused agencies incorporate property search assistance within wider corporate relocation packages, which may alter how the cost is structured for corporate clients.

Any agent operating in a buyer’s agent capacity must hold a valid EAA licence, just as any other practising estate agent is required to. There is no distinct licensing category for buyer’s agents in Hong Kong. Licence status can always be confirmed via the EAA licence list. For buyers purchasing from overseas, having a trusted, buyer-side agent or a Hong Kong-based solicitor on the ground to conduct viewings, assess documentation, and manage the transaction locally can be genuinely invaluable.

Are there organisations in Hong Kong that specifically support foreign buyers?

No dedicated government body or non-profit organisation exists in Hong Kong solely to assist overseas purchasers of property. However, several official bodies and professional institutions offer relevant guidance, and a number of general consumer protection mechanisms extend to property transactions.

• Estate Agents Authority (EAA)
  The primary regulator for estate agency practice in Hong Kong. Useful for verifying agent credentials, understanding the rights of buyers, and lodging complaints where necessary.
  Website: www.eaa.org.hk
  Address: 29/F, 1 Kowloon, 1 Wang Yuen Street, Kowloon Bay, Hong Kong
  Tel: +852 2111 2777
  Email: [email protected]
• Hong Kong Land Registry
  The Land Registry provides electronic access to the land register and a range of supporting services, including dedicated information counters and self-service terminals. Conducting title searches to confirm property ownership and identify any encumbrances is an essential step before proceeding with a purchase.
  Website: www.landreg.gov.hk
  Address: Queensway Government Offices, 66 Queensway, Hong Kong
  Tel: +852 2867 2862
• Inland Revenue Department (IRD)
  Responsible for administering stamp duty on all property transactions. The IRD website includes stamp duty calculators and current rate tables to assist buyers in understanding their obligations.
  Website: www.ird.gov.hk
• Hong Kong Housing Bureau
  The government ministry with overarching responsibility for housing policy in Hong Kong.
  Website: www.hb.gov.hk
• Hong Kong Bar Association / Law Society of Hong Kong
  The appropriate starting point for locating a qualified solicitor to advise on a property transaction. Engaging independent legal representation is strongly recommended for all foreign buyers.
  Law Society: www.hklawsoc.org.hk
• Consumer Council Hong Kong
  Handles consumer complaints and provides advice on unfair commercial practices, including those arising in the context of property transactions.
  Website: www.consumer.org.hk
  Hotline: +852 2929 2222

A number of international banks operating in Hong Kong — including HSBC, Standard Chartered, and Hang Seng Bank — also provide specialised services for non-resident buyers, covering mortgage pre-assessment, documentation guidance, and account opening support. It is worth approaching your preferred lender at an early stage in the process to understand what is available to you.

What legal and practical steps are involved in buying property in Hong Kong as a foreigner?

From the point of signing a provisional agreement through to receiving the keys, a property purchase in Hong Kong typically takes somewhere between eight and twelve weeks. This is considerably quicker than the process in many other jurisdictions — in France or Spain, for example, the notarial process can extend a transaction over several months. Hong Kong conveyancing is lawyer-led and does not involve a notary, as notaires form no part of the Hong Kong legal system. The involvement of a qualified Hong Kong solicitor is, however, indispensable and effectively non-negotiable in practice.

1. Property search and offer: Locate a suitable property through an agent or online portal. Submit a verbal or written offer via the agent. Be prepared to act swiftly — desirable properties in competitive areas frequently attract multiple simultaneous bids.
2. Sign the Provisional Agreement for Sale and Purchase (PASP): This document constitutes the first legally binding contract in the transaction. At this stage, the buyer is typically required to pay an initial deposit of around 3–5% of the agreed purchase price. Should the buyer withdraw following signature, this deposit is forfeited; should the seller withdraw, they are generally obliged to return double the deposit to the buyer. Your solicitor should be instructed and consulted before this document is signed.
3. Appoint a solicitor: Legal representation is required to manage the contractual process and oversee the transfer of title. Your solicitor will carry out title searches at the Land Registry, review all title documentation, and alert you to any encumbrances or issues that require resolution.
4. Sign the Formal Agreement for Sale and Purchase (FASP): Approximately fourteen days after the provisional agreement is executed, the buyer signs the formal sale and purchase agreement and pays a further deposit of 5%, together with the stamp duty necessary to register the change of ownership with the Land Registry.
5. Secure financing: If your purchase is mortgage-dependent, complete all loan documentation with your lender. Local banks typically lend to non-residents at a Loan-to-Value (LTV) ratio of up to 70%, requiring a deposit of 30% alongside documentary evidence of income from all sources worldwide. Overseas income documentation may be subject to additional scrutiny, so assembling paperwork early is advisable.
6. Completion and title transfer: Once the Formal Agreement is in place and stamp duties have been settled, your solicitor manages the transfer of the title deed. This encompasses verifying the legal documentation, paying the outstanding purchase balance, finalising mortgage arrangements, and formally transferring ownership to obtain the Title Deed in your name.
7. Register with the Land Registry: Legal ownership is only secured upon registration of the property with the Hong Kong Land Registry. Your solicitor will attend to this on your behalf.

As noted above, unlike the processes in France or Spain, no notary is involved in a Hong Kong property purchase. However, a Hong Kong solicitor performs a broadly comparable protective function. Always instruct a solicitor who is registered with the Law Society of Hong Kong and confirm their registration before instructing them. For the most current procedural and tax requirements, consult the Hong Kong Land Registry and the Inland Revenue Department directly.

Are there restrictions on foreigners buying property in Hong Kong?

Hong Kong operates one of the most accessible private property markets in Asia for overseas purchasers. Despite the formidable cost of entry, it stands apart from many of its regional neighbours in imposing remarkably few barriers on foreign buyers. There is no requirement for advance government approval before purchasing, no minimum investment threshold, and no restriction on how many properties a foreign national may own simultaneously.

No special permit is required to buy a conventional property on the open market, though access to certain categories of public housing remains confined to eligible residents. In practical terms, this means foreign buyers can participate freely and fully in the private residential market, while being unable to apply for or acquire subsidised public housing.

Stamp duty changes as of 2024: A pivotal development for foreign buyers arrived in early 2024. With effect from 28 February 2024, the Hong Kong government withdrew all demand-side management measures relating to residential property, meaning that the Special Stamp Duty (SSD), Buyer’s Stamp Duty (BSD), and New Residential Stamp Duty (NRSD) have all been eliminated for residential transactions. No additional stamp duty applies regardless of whether the buyer holds a permanent Hong Kong identity card or not, and there is no minimum holding period that must be observed before the property may be resold.

Ad Valorem Stamp Duty (AVD): Parties to a residential property transaction are still required to pay Ad Valorem Stamp Duty at Scale 2 rates, which range from HK$100 up to 4.25% of the consideration as of 2025. The AVD rates applicable to residential and non-residential property are now harmonised, with no differential treatment based on residency or nationality.

Special Stamp Duty (SSD) on resale: The Special Stamp Duty that previously applied to properties resold within short holding periods — at rates of between 10% and 20% for properties held under 36 months — was reduced to 0% from 28 February 2024. Both local and foreign buyers now have considerably greater freedom to sell without facing financial penalties for an early exit from the market.

Stamp duty rates and associated policies are subject to revision, so always verify current requirements directly with the Hong Kong Inland Revenue Department before completing any transaction. For broader housing policy enquiries, the Housing Bureau is the appropriate government ministry to contact.

Frequently Asked Questions

Can I buy property in Hong Kong without being physically present?

Yes. It is entirely possible to complete a purchase in Hong Kong without travelling there, particularly in the new-build segment. You will, however, need a reliable local representative — typically your solicitor and/or a buyer-oriented agent — to conduct viewings, assess documents on your behalf, and execute instruments under a properly drafted Power of Attorney. Given the pace at which Hong Kong transactions tend to progress, having trustworthy representation on the ground is not merely convenient but practically indispensable when buying from abroad.

Do I need a Hong Kong bank account to complete a purchase?

Buyers need a valid passport, proof of funds, a Hong Kong bank account, and legal representation to handle contracts and title transfers. While certain aspects of a transaction may technically be manageable from an overseas account, holding a local Hong Kong dollar account materially simplifies the payment process at every stage. Major banks including HSBC, Standard Chartered, and Hang Seng offer accounts to non-residents, although the documentation required can be quite extensive. Beginning the account-opening process well ahead of any transaction is strongly advisable.

How do I avoid property scams in Hong Kong?

Your most effective safeguard is to deal exclusively with EAA-licensed agents — whose credentials can be checked at the EAA licence list — and to appoint an independent solicitor registered with the Law Society of Hong Kong. Under no circumstances should a deposit be transferred before a Provisional Agreement for Sale and Purchase has been properly executed and clear title confirmed through the Land Registry. Be cautious of any listing priced conspicuously below prevailing market levels, and insist that all payments are directed to a solicitor’s client account rather than a personal bank account.

What happens if a deal falls through after I have signed?

The Provisional Agreement for Sale and Purchase (PASP) is a binding legal contract in Hong Kong. A buyer who withdraws after signing will forfeit the initial deposit — typically 3–5% of the purchase price — to the seller. Should the seller withdraw instead, they are generally obliged to pay the buyer twice the deposit amount as compensation. These consequences underscore the importance of completing all due diligence and reaching absolute certainty before committing — not afterwards. Your solicitor should ensure you fully understand all implications before you put pen to paper.

Are property prices negotiable in Hong Kong?

Yes, particularly in the secondary resale market. Prices have been on a gradual recovery path following a period of decline, and as of late 2025 showed modest year-on-year gains. In a softer market, there is often meaningful scope for negotiation; in a highly competitive environment, individual properties may attract bids above the asking price from multiple buyers simultaneously. A good agent should be able to guide you on realistic offer levels for any given property and district. Developer pricing on new-build units tends to be less flexible, though incentives such as deferred payment schemes or subsidies toward legal costs are sometimes made available.

Do I need a solicitor, or can I handle the legal work myself?

While there is no absolute legal prohibition on self-conveyancing, doing so would be strongly inadvisable — particularly for overseas buyers with limited familiarity with Hong Kong property law. A solicitor registered with the Law Society of Hong Kong is essential for carrying out title searches, reviewing contracts, submitting stamp duty returns, and registering the title in your name. Legal fees for residential conveyancing typically fall within the range of HK$5,000–HK$50,000 depending on the value of the property (as of 2024–2025); for current fee guidance, consult the Law Society of Hong Kong.

Can I get a mortgage in Hong Kong as a foreign buyer?

Local banks do offer mortgage facilities to non-residents, with a typical Loan-to-Value (LTV) ratio of up to 70%, requiring a 30% deposit and comprehensive evidence of income from global sources. Mortgage conditions were eased for all buyers in early 2024, but individual lenders may nonetheless apply closer scrutiny to applications involving foreign or expatriate income profiles. Obtaining a mortgage agreement in principle before submitting an offer is advisable, as completions in Hong Kong proceed quickly once contracts are exchanged. Comparing rates and terms across more than one lender is always worthwhile.

What is the difference between buying a flat on Hong Kong Island versus the New Territories?

One of the most significant distinctions buyers should understand relates to land tenure. The great majority of private property in Hong Kong is held on leasehold terms derived from a government grant. In the New Territories, however, lease structures can differ, and certain properties — in particular village houses and small houses governed by so-called Ding house entitlements — carry rights restricted to indigenous villagers and cannot lawfully be transferred to non-villagers. Before purchasing any property, particularly in rural or peri-rural areas of the New Territories, instruct your solicitor to confirm the precise tenure arrangement, the lease expiry date, and any restrictions on permitted use. Thorough title checks via the Hong Kong Land Registry are essential.