Hong Kong home transactions fell about 40% quarter on quarter to roughly 13,240 in the third quarter of 2026, while new Grade A office leasing reached 1.4 million sq ft, the highest quarterly level since 2019, according to Cushman & Wakefield's Q3 review released on 5 October 2026.

TL;DR

  • Homes: Cushman & Wakefield (C&W), a global commercial property adviser, reports Q3 residential transactions down about 40% quarter on quarter and 21% year on year.
  • Offices: Grade A availability fell 0.4 percentage points to 19.1%, and Greater Central rents are up 13% year to date, per C&W's Hong Kong head.
  • Outlook: C&W revised its 2026 transaction forecast to 67,000 to 68,000 cases and expects home prices to consolidate.

How much did Hong Kong home sales fall in Q3 2026?

C&W says transactions averaged more than 7,000 a month in Q2 but about 4,000 a month from July to September. Nine-month transactions still reached 54,052, up 18% year on year. C&W's September Verbal Enquiry Index, a measure of buyer interest, was 35% below its May peak. Edgar Lai, C&W's senior director of valuation and consultancy, said price growth momentum decelerated in Q3. Rosanna Tang, head of research, linked the slowdown to a more cautious stance among buyers as US interest rate expectations shifted. The release refers to a 0.25% Federal Reserve rate rise in September; Property News Asia has not independently confirmed that decision.

Did Hong Kong home prices actually fall in July and August?

C&W says prices fell 0.8% in July and August. Official Rating and Valuation Department (RVD) data as reported by Reuters points to a narrower picture: July was revised to a 0.8% monthly fall, the first in 16 months, and August rose 0.06%. Year to date, prices were up about 7% in the first seven months. Our earlier coverage (https://propertynewsasia.com/hong-kong-home-prices-edge-up-0-06-in-august-as-rents-climb-for-a-tenth-straight-month/) has the August detail, so treat the C&W wording as a combined-period summary rather than two separate declines.

What is happening in Hong Kong's Grade A office market?

Offices are moving the other way. C&W reports 1.4 million sq ft of new leasing in Q3, net absorption of 412,400 sq ft led by banking, financial services and insurance firms, and availability of 19.1%. Greater Central rents rose 3.0% in the quarter and 13% year to date, with C&W forecasting 12% to 14% growth for 2026. Citywide rents rose 1.7% quarter on quarter. Mid-priced offices with net effective rents of about HK$45 to HK$60 per sq ft still face headwinds, and 1.2 million sq ft of new supply is scheduled for Q4. John Siu, C&W's Hong Kong managing director, said he expects the Greater Central trend to continue this year.

What does it mean for retail and the wider property market?

C&W reports retail sales of HK$266 billion for January to August, up 8.5%, and high street vacancy of 5.4%, with Mongkok falling to 4.8% and Tsimshatsui rising to 9.5%. For readers tracking the region, the split between cooling homes and firm prime offices is the story to watch; see how a Hong Kong IPO increase may support Central rents (https://propertynewsasia.com/six-fold-hong-kong-ipo-increase-seen-boosting-central-office-rents/) and Morgan Stanley's view that recovery extends beyond homes (https://propertynewsasia.com/hong-kong-property-recovery-extends-beyond-homes-to-office-retail-morgan-stanley/). Forecasts are C&W's and are not property or investment advice.

Frequently Asked Questions

How many homes were sold in Hong Kong in Q3 2026?

C&W reports about 13,240 transactions, down 40% from Q2 and 21% from a year earlier. The release also gives 13,242 in one passage.

What is the Hong Kong Grade A office availability rate?

C&W puts it at 19.1% in Q3, down 0.4 percentage points quarter on quarter, and expects 19% to 20% at year end.

What is C&W's 2026 Hong Kong forecast?

C&W forecasts 67,000 to 68,000 home transactions, Greater Central office rent growth of 12% to 14%, and citywide Grade A rent growth of 5% to 7%.

Sources and Method

Based on the Cushman & Wakefield Hong Kong Property Markets Q3 2026 Review and Outlook release of 5 October 2026 (via Media OutReach, Malay Mail), RTHK (27 August 2026) and Reuters (28 September 2026) for RVD data. C&W figures are the company's own and were not independently verified; its release contains minor internal inconsistencies, noted above.