Kennedy Town Waterfront Prices Surge as Buyers Flood Harbour Units

Kennedy Town waterfront flats recorded an average 9 percent price rise between January and June this year, with units along Smithfield and Catchick Street now trading at HKD 17,800 per square foot.

The lift coincides with the government’s decision to relax stamp duty for non-local buyers from 1 April, a change that has drawn renewed interest from overseas purchasers seeking smaller harbour-view apartments. Median prices for a 600-square-foot flat in the district now sit near HKD 9.2 million, still below the citywide median range of HKD 8-10 million but closing the gap faster than neighbouring districts such as Shek Tong Tsui.

Harbour Precinct Upgrades Support Values

The Urban Renewal Authority’s ongoing works at the Kennedy Town waterfront promenade, completed in phases through 2025, have added public piers and improved pedestrian access to the MTR station. Nearby, the Hong Kong Housing Society’s rental-and-sale pilot scheme at Kwun Lung Lau has freed up older stock, pushing some families toward newer waterfront towers. These two programmes together have increased foot traffic and local amenities without flooding the resale market.

Transaction data from the first half of 2026 shows 142 waterfront units changed hands, up from 98 in the same period last year. Foreign buyers accounted for 31 percent of those deals, compared with 18 percent citywide. One three-bedroom apartment on Smithfield sold in May for HKD 14.8 million after 12 days on the market.

Next Steps for Prospective Purchasers

Agents advise checking the latest stamp-duty concession documents at the Inland Revenue Department before viewing, as the relief applies only to properties under HKD 10 million. Buyers should also review the remaining phases of the promenade works scheduled for completion by December 2026, which are expected to add further green space adjacent to the current piers. Early inspection of units facing the harbour is recommended before school-term demand picks up again in August.