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HK is 2nd strongest market for global super-prime homes

In Q1, Hong Kong recorded 67 transactions.

Hong Kong emerged as the second strongest market for global super-prime homes, with transactions growing to 67 in Q123 from 30 in Q422. The city ranked behind Dubai, which recorded 88 transactions.

Hong Kong's average super-prime home sale price is US$14.7m.

“COVID restrictions in Hong Kong resulted in delays to new project launches, which weighed on sales volumes; however, with more new development starts, volumes should pick up from here,” Knight Frank said.

“Hong Kong’s delayed COVID reopening saw a notable uptick in Mainland Chinese buyers which largely explained the surge in Q1 sales,” the expert added.

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 To attract international investors, Hong Kong recently changed its stamp duty rules to allow refunds on their 30% stamp duty after living in the property for seven years and therefore, becoming eligible for permanent residency. 
 

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