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Hong Kong’s ultra-luxury housing market ranked second globally behind Dubai in the first quarter this year, with both transaction volumes and values rising, reflecting the market’s continued recovery, according to Knight Frank.
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The property consultancy said 94 super-prime homes were sold in Hong Kong during the quarter, up 16 percent quarter-on-quarter, while total transaction value increased 17 percent to US$1.84 billion (HK$14.35 billion).
Across the 12 global markets tracked by Knight Frank, a total of 636 sales valued over US$10 million (HK$78 million) were recorded in the first quarter, up 14 percent from the previous quarter.
Dubai retained its position as the world’s most active ultra-luxury housing market, posting 193 transactions worth US$3.43 billion, with volumes jumping 35 percent from the prior quarter.
New York and Singapore followed Hong Kong, totaling 90 and 42 transactions respectively, with sales values reaching US$1.67 billion and US$624 million.
Over the 12 months to the first quarter, Dubai topped global rankings for 581 super-prime sales, compared with 341 in New York and 284 in Hong Kong. Dubai also led by value with US$10.55 billion in annual transactions.
Supported by ongoing capital inflows, a more stable interest rate environment and Hong Kong’s unique advantages as an international financial center, we expect demand for premium residential assets to remain healthy, said William Lau, senior director and head of Residential Agency at Knight Frank.
Lau added that the continued expansion of the city’s wealth management and family office sectors is also expected to bring new sources of demand, further strengthening Hong Kong’s position as one of the world’s leading destinations for luxury residential investment.
