Hong Kong ranks second globally for ultra-luxury home sales in Q2: Knight Frank

Hong Kong’s super-prime residential market ranked second globally in the second quarter this year, with both transaction volumes and values rising year on year, reflecting the market’s continued recovery, according to Knight Frank.

The property consultancy said 93 super-prime homes were sold in Hong Kong during the quarter, up 75 percent year on year, while total transaction value increased 67 percent to US$1.67 billion (HK$13.03 billion) from a year earlier. 

Across the 12 global markets tracked by Knight Frank, a total of 572 sales valued over US$10 million were recorded in this quarter, down 7 percent quarter-on-quarter. Total transaction value dropped 5 percent to US$10.5 billion from the previous quarter.

Dubai remained at the top as the world’s most active ultra-luxury housing market, recording 131 transactions worth US$2.17 billion, with volumes and transaction values down 21 percent and 27 percent from the prior quarter respectively.

New York and Miami followed Hong Kong, recording 57 and 53 transactions respectively, with sales value reaching US$965 million and US$808 million.

London ranked third globally in terms of transaction value. Although the number of transactions slightly decreased to 44, the total transaction value increased by 72 percent quarter-on-quarter, reaching US$1.43 billion.

“Hong Kong continues to demonstrate its strength as one of the world's leading luxury residential markets,” said William Lau, senior director and head of Residential Agency at Knight Frank.

“As wealth creation across Asia accelerates, we expect discerning buyers to place greater emphasis on quality, lifestyle, wellness and long-term asset value when selecting luxury residences,”noted Lau. 

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓