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.
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.