70% of TTPS holders rent private homes in Hong Kong, driving net annual leasing demand of 12,000 units

HONG KONG, 16 September 2025 – An arrival of high‑calibre professionals under the government's various talent admission schemes has continued to drive robust demand in the private residential rental leasing market, according to JLL's latest Hong Kong Residential Sales Market Dynamics released today. However, cross‑border capital transfer restrictions have dampened these individuals' purchasing appetite, leaving the long-term recovery of Hong Kong’s housing market reliant on further policy support.

Government data shows a sharp increase in approved applications across all talent admission schemes, rising from 38,559 in 2022 to 138,215 in 2024. Notably, the Top Talent Pass Scheme (TTPS), introduced in 2023, accounted for 30% of all approved cases in 2024 alone.

The arrival rate among approved visa holders currently stands at 64%. Each TTPS holder brings, on average, 0.9 dependents, indicating that most of them relocate with at least a spouse or child. Additionally, among the first cohort of TTPS visa holders, 54% opted to renew their visa upon expiry, with a successful renewal rate of 94%. This trend has potential implications for both population growth and housing demand in Hong Kong.

Norry Lee, Senior Director of Projects Strategy and Consultancy Department at JLL in Hong Kong, said: "A recent government survey revealed that 70% of TTPS holders are renting private residential units in Hong Kong. With the number of TTPS holders continuing to grow, we project an additional annual leasing demand of approximately 12,000 units between 2023 and 2027. Based on data from the Rating and Valuation Department, the average annual net take-up for Class A and B units from 2022 to 2024 was around 13,800 units. This indicates that TTPS holders and their dependents will remain a significant driver of leasing demand, particularly for smaller units in the Class A and Class B categories."

In contrast to the growth of the rental market, the home ownership rate among top talent remains relatively low. Survey finding show that only 13% of TTPS holders have chosen to purchase properties in Hong Kong. Given that the scheme was only formally launched in 2023, this limited timeframe may partly explain the subdued ownership figures. Furthermore, with 95% of potential buyers originating from mainland China, many may require additional time to build savings and navigate cross-border capital transfer constraints before committing to a property purchase.

Cathie Chung, Senior Director of Research at JLL in Hong Kong, said: "Cross-border capital transfer restrictions remain a longstanding barrier for mainland buyers seeking to purchase residential property in Hong Kong. To unlock the full homebuying potential of top talent, we recommend that the government consider easing these restrictions for mainland professionals acquiring homes in the city. Relaxing these constraints could help accommodate rising demand, while easing pressure on both pricing and inventory in the local property market."

JLL has proposed three key policy recommendations to support homebuying among mainland professionals. First, streamline the approval process by introducing a fast‑track quota system for eligible TTPS holders who have already settled in Hong Kong, and enable the pre‑approval of capital transfers linked to property purchases to reduce administrative delays. Second, implement tiered investment thresholds by setting graduated capital transfer limits based on buyer profiles—for example, granting higher capital limits to Category A TTPS holders—while prioritising primary market transactions to align with the city's housing supply objectives. Third, launch a pilot programme within the Greater Bay Area (GBA) to trial the capital transfer relaxation policy in phases, initially allowing buyers with funds from GBA cities to utilise existing cross‑border financial integration frameworks.