Hong Kong is the second-most favoured city in the world for super-luxury homes worth over US$10 million (HK$78.2 Million), according to Knight Frank’s Global Super-Prime Intelligence report. The study surveyed residential sales conditions in 12 cities across the world during the first quarter of 2023.
Hong Kong saw 67 deals totalling US$988 million (HK$7.73 billion) for super-prime residential properties during this period. The top city in the world is Dubai, which had 88 deals amounting to US$1.66 billion (HK$13 billion) for homes in this category.
|CITY||NUMBER OF SALES||VALUE OF SALES (in US$ millions)|
The study attributed the “notable uptick in Mainland Chinese buyers, which largely explained the surge in Q1 sales,” to the border reopening in January this year. This was seen when a buyer from the Mainland offered HK$1.2 billion (US$153 million) to purchase a property at 45 Barker Road on The Peak in March 2023.
The SAR is also now the second-most expensive city in the Asia-Pacific region to buy private homes as the median private home price in the city fell by 8.7% to HK$9 million (US$ 1.16 million) in 2022.
Header image credits: Leung Cho Pan via Canva