Hong Kong’s property market continues to demonstrate a significant downward correction, with recent sales in Ma On Shan highlighting substantial losses for homeowners who purchased during peak periods. Multiple transactions in the area reveal declines ranging from approximately 30% to over 40% since initial purchase, signaling a broader trend of price adjustments.
A four-bedroom platform unit at Seanorama in Ma On Shan recently sold for HK$11.6 million, according to reports from 28hse.com. This represents a 46% decrease from the price the owner would have likely received just seven years ago. The property had been on the market for six months, initially listed at HK$13.5 million, before the final sale price was agreed upon.
Further illustrating this trend, a three-bedroom seaview apartment at Seanorama was sold for HK$8.6 million on August 25th, 2025, as reported by Dimsumdaily.hk. The seller incurred a loss of over 40% on the property, having held it for approximately eight years. These transactions underscore the challenges facing homeowners in Ma On Shan who are attempting to sell in the current market.
Even smaller units are experiencing significant price drops. A 224-square-foot open-plan apartment in the Hoi Luen complex in Ma On Shan sold for HK$2.88 million, representing a 30.6% depreciation from its 2020 purchase price, according to AASTOCKS.com. Another unit, a one-bedroom apartment in the same complex, was sold at a loss of HK$40,000 after a ten-year holding period, as reported by Hong Kong 01. The buyer of this unit had previously been unsuccessful in securing a new property in Sai Sha.
The Centaline Property website (Centaline Property) provides data on current property values in Ma On Shan. Sunshine City, for example, currently has a price per square foot of HK$13,546, while The Met. Blossom is listed at HK$11,784 per square foot. Kam Fung Court, a Hong Kong Housing Authority estate, is significantly lower at HK$8,134 per square foot. These figures, while current as of the data provided, demonstrate the wide range of pricing within the Ma On Shan area.
The declines in Ma On Shan reflect a broader adjustment in the Hong Kong property market, where prices have been falling in recent years. Homeowners who purchased properties at peak prices are now facing the reality of selling at a loss. The situation is further complicated by economic factors and potential shifts in buyer preferences, as evidenced by the buyer of the Hoi Luen apartment who was seeking a property in Sai Sha.
While the reasons for the downturn are multifaceted, the consistent pattern of losses in Ma On Shan suggests a sustained period of price correction. The market is likely to remain sensitive to economic conditions and interest rate fluctuations, impacting both sellers and potential buyers in the region. The trend also raises questions about the long-term viability of relying on property as a primary investment in Hong Kong.
The practice of land leasing, as discussed in a Lincoln Institute of Land Policy paper (lincolninst.edu), aims to capture future increases in land value as government revenue. However, the current market conditions demonstrate the risk of relying on this model when property values are declining. The ability to capture revenue through land leasing is directly tied to the appreciation of land value, a factor that is currently under pressure in Hong Kong.
