Compared to other industries, the property sector in Hong Kong SAR has been less affected by the pandemic as local market demand and supply have remained relatively stable throughout 2021.
In 2022, we can expect to see more growth as market sentiments and confidence improve to drive more foreign investments in the construction and property sector.
property market and construction industry trends 2022
1. investments and infrastructure upgrades will boost property activities in hong kong SAR
A JLL report indicated that nearly 40% of today’s office assets and properties require enhancement as businesses gain clarity on the relevance of the office space following the pandemic. In 2022, we expect to see more companies in Hong Kong SAR to invest in asset enhancements to modify outmoded assets and spaces in the real estate market.
2. expected surge in property prices
Hong Kong’s residential market prices are expected to rise by 5% to 10%, in anticipation of the lifting of strict border control measures.
Low interest rates in the residential property market would fuel robust demands, particularly for high-end residential properties. The ongoing expansion of Hong Kong SAR’s infrastructure would also help boost residential property activities in urban and North Territory areas.
3. forecasted urban development will drive growth
Despite a minor drop in GDP from the construction industry in early 2021, planned infrastructure investments in the New Territories and Kowloon, such as railway development and the Kowloon CBD, are expected to contribute to 5.1% GDP growth between 2021 and 2025.
The new plans to develop housing and economic hubs will expand an existing new town project to cover land across New Territories near Hong Kong SAR’s borders with mainland China to speed up innovation and integration between the two markets. The new “Northern Metropolis” would boost more talent demand in the construction and property sector as well as create more jobs for the Hong Kong SAR population in other high-growth industries.
The ongoing alterations to commercial and residential developments, public infrastructure as well as specialised installations and maintenance would continue to drive a steady talent growth in the construction industry.
in-demand property and construction talent in 2022.
Companies are focussing their search for the following talent and skills to realise the city's infrastructure and housing ambitions, as well as to maintain its attraction as an international business hub. Professionals and job seekers in real estate, property and construction with the following skills will be in high demand.
- Job seekers with full-cycle project management experiences in property development.
- Qualified engineers with a track record in structural and building services, with considerable project experiences in both private and public sectors.
- Facilities management and property management talent with a good track record in managing large-scale commercial real estate and facilities such as data centres.
- Leasing professionals experienced in high-end commercial and retail properties to manage and liaise with customers.
- Real estate investment specialists with regional customer portfolios and backgrounds to manage diversification investments and full transaction cycles in multi-asset classes.
2022 labour and salary trends for professionals in property
Hong Kong will likely go into a full recovery mode in 2022, and we anticipate salary increment and bonus payouts to return to pre-COVID levels.
As the property industry remains stable, we expect to see demand for property and construction professionals in 2022. Candidates who are switching employers can expect about 15% to 20% salary increment, and the average bonus payout for work contributions in 2021 would average between 2 and 3 months.
download the digital copy of the hong kong SAR 2022 market outlook and salary snapshot
key highlights in the 2022 construction and property industry outlook
- evolution of job responsibilities and required skills for the property industry in Hong Kong in 2022.
- anticipated job mobility of professionals across industries and different levels of seniority.
- salary snapshots for more than 70 different property jobs.
read more on 2022 talent and salary trends in hong kong in other industries:
The 2022 Market Outlook and Salary Snapshot report features the latest industry trends, hiring outlook, talent analysis and new post-pandemic salary benchmarks in the following high-growth industries:
- banking and financial services
- accounting and finance
- sales and marketing
- life sciences
- HR and business support
- sourcing and supply chain
If finding exceptional talent for your business is a key challenge or if you want to take your workforce ready for the future of work, please get in touch with us. You can also check our key areas of expertise in property recruitment.