The sun sets over a residential area in Tseung Kwan O, Hong Kong on July 14, 2022.

Hong Kong's property market is expected to revive in 2023, with home buying sentiment on the rise boosted by the lifting of cross-border travel restrictions between Hong Kong and the Chinese mainland from Jan 8, real estate agency Midland Realty said Friday.

The number of first-hand property transactions is expected to rise by nearly 50 percent to 400 in January, while the number of second-hand transactions will rise by about 17 percent to 3,500, according to Sammy Po Siu-ming, chief executive of Midland Realty's residential division for Hong Kong and Macao.

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Po said he expects real estate prices to rise 10 percent to 15 percent over the next full year, adding that the eventual increase will depend on the economic effects of resuming quarantine-free cross-border travel.

The property agency is stepping up its efforts to prepare for the resumption of normal travel arrangements. It plans to hire 200 additional people in the short term, 50 of whom will be set up specifically to explore potential business opportunities sparked by the upcoming reopening. A team of about 400 agents familiar with Mandarin and various regional dialects and cultures will be specially set up to serve the needs of mainland buyers from different areas.

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Meanwhile, the property agency is actively cooperating with a number of mainland developers to promote their home projects to Hong Kong residents, including a large-scale property viewing tour during the Chinese New Year, with Hengqin as the first stop.