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Hong Kong is Asia’s busiest ‘super-prime’ housing market as removal of property curbs boosts demand: Knight Frank report
- With 132 transactions in the year to March, Hong Kong beat Singapore, which recorded 88 deals in the ‘super-prime’ residential market
- Demand was supported by a drop in prices in the last few years and the recent scrapping of cooling measures
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Hong Kong was Asia’s busiest market for homes valued at US$10 million and above in the year to March, according to a Knight Frank report.
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With 132 transactions between April 2023 and March this year, Hong Kong beat its main rival, Singapore, which recorded 88 deals in what the property consultancy referred to as the super-prime residential market. Deals in Hong Kong’s ultra-luxury housing sector were worth US$2.8 billion in the period, while those in Singapore came to US$1.2 billion.
Globally, Hong Kong came in third, behind Dubai which saw 397 deals worth US$6.72 billion and Geneva with 110 transactions worth US$2.9 billion.
“Demand in Hong Kong is mainly coming from Hong Kong buyers or from mainland Chinese purchasers,” said Liam Bailey, global head of research at Knight Frank, in an email interview after the release of the report on Monday. “The uptick reflects a feeling in the market that pricing has adjusted down in the prime and super-prime markets over the past 18 months.
“There is also an ongoing issue with low supply volumes of best-in-class stock, which is supporting prices.”
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