Guangdong sees nearly RMB3 billion in property purchases from Macau, Hong Kong buyers

Buyers from Macau and Hong Kong have spent approximately RMB2.99 billion on homes in Guangdong province over the past year.

According to data from the People’s Bank of China, between February 26, 2024, and January 31, 2025, Guangdong’s financial institutions processed 2,603 housing transactions for buyers from Macau and Hong Kong within the Greater Bay Area (GBA).

The increase in property purchases is partly attributed to new regulations implemented by mainland authorities last February, which simplified the process for SAR residents to buy homes in Guangdong.

These regulations also allowed for smoother remittance of funds into mainland bank accounts used for property payments.

A significant trend in this market is the growing number of elderly residents from Macau and Hong Kong who are choosing to purchase homes in Guangdong, driven by the region’s lower cost of living.

The report highlighted that senior citizens are increasingly seeking to invest in property on the mainland.

A survey conducted late last year by the Federation of Trade Unions (FAOM) in collaboration with the University of St. Joseph shows that nearly one-third of respondents expressed a desire to retire in cities within the GBA, particularly favoring Zhuhai as their ideal location.

Among those considering retirement in the GBA, an overwhelming 80% indicated a preference for Zhuhai. However, not all respondents were enthusiastic about relocating.

Many cited concerns such as differing living habits, insufficient social support, and inadequate medical facilities as barriers to their decision.

National statistics from China’s National Bureau of Statistics reveal that the country’s property market is still facing difficulties.

In January, the prices of new residential buildings in first-tier cities dropped by 3.4% compared to the previous year. In particular, Guangzhou and Shenzhen saw declines of 8.4% and 5.2%, respectively.

The secondhand home market also struggled, with prices falling 5.6% across first-tier cities, and Guangzhou and Shenzhen experiencing even larger drops of 10% and 6.1% year-on-year. Meanwhile, second-tier cities recorded a 5% decrease in new home prices compared to January 2023.