Hong Kong amongst cities with most ultra-prime residential sales

Ultra-prime properties are worth at least US$25m.

Hong Kong ranked amongst the top 10 cities with the most transactions involving ultra-prime residential, or properties worth US$25m, Knight Frank reported.

The list was led by London and New York, each with 43 ultra-prime sales, followed Los Angeles (39), Hong Kong (28), and Miami (23).

Also amongst the top are Singapore (18), Palm Beach & Broward (18), Geneva (16), Sydney (7), and Paris (6).

“2023 is turning into a pivotal year for real estate in the region. It is time to look beyond a year of ‘Permacrisis’ where wealth creation takes a turn this year,” Christine Li, Head of Research at Knight Frank Asia-Pacific, said.

“In 2023, 45% of Asia-Pacific HNWIs are forecasted to experience an increase in terms of wealth as compared to 25% in 2022. This optimism and confidence are driven by asset repricing, perceived value opportunities and an expected economic rebound in the Asia-Pacific region.”

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