Why rich Chinese buyers are still eyeing luxury properties in Hong Kong

Hong Kong’s luxury real estate may be the most expensive in the world, but uber rich international buyers will continue to buy luxury properties in the near future as the SAR is considered a safe haven, a top US-based property expert says.

Stephanie Pfeffer Anton is the executive vice-president for Chicago-based Luxury Portfolio International. The company releases luxury property reports several times a year to provide in-depth insight about affluent consumers, their buying habits and their points of view on the high-end property market.

Anton told the South China Morning Post in an email interview that with significant demand for highly coveted properties in the heart of Hong Kong, it’s no wonder that the SAR’s luxury real estate is among the most expensive in the world (as much or more than New York and London). She added that the demand from international buyers continues to rise.

Hong Kong is known as the most expensive place in the world to buy properties, especially luxury real estate situated on The Peak, the Mid-Levels and the south side of Hong Kong Island, also known as the Billionaire’s Place.

Anton said the effect of rising prices in the Hong Kong real estate market is insignificant because buyers are still searching for a safe haven for their money or a new residence.

“Although home prices have been increasing rapidly, they could very well come to a peak in the near future, with many more units coming on the market in the coming years,” she said.

She pointed out that demand for properties in Hong Kong – a financial hub and a city known for its iconic architecture – will remain high.

She adds that Hong Kong is a bright spot in the global luxury real estate landscape and one of several cities in the Asia-Pacific region that continues to see high demand as an investment opportunity, along with Shanghai, Tokyo, Singapore, Sydney and Melbourne.