Hong Kong, Singapore amongst leading markets in super-prime home sales
A total of 67 and 37 sales were recorded in Hong Kong and Singapore in the first quarter, respectively.
Hong Kong and Singapore are amongst the leading markets in the sale of super-prime homes, or residential properties worth more than US$10m, Knight Frank reported.
A total of 67 home sales were recorded in Hong Kong, whilst Singapore saw 37 sales in the first quarter.
Over the same period, sales of global super-prime homes grew by 11% quarter-on-quarter with 417 total sales across 12 key markets.
The strongest market was Dubai with 88 sales, followed by Hong Kong, New York (58), Los Angeles (46), Singapore (37), and London (36).
“Best-in-class properties continue to resonate with our clients globally. The market is evolving and buyers are more informed than ever, so vendors need to be realistic about settling prices even at the top tier of the market,” Nicholas Keong, Head, Private Office, Knight Frank Singapore, said.
“Our expectation for 2023 will see more subdued conditions compared to the recent 2021 peak, with transactions likely totalling US$25-27 billion for the full year. However, the recovery in growth in the global economy later this year will aid transactions in 2024 with a return to sales in excess US$30b+.”