Hong Kong’s real estate market continues its global dominance even though a temporary lull may have brought prices down a little. As per several reports, Hong Kong continued to be the costliest real estate market globally for 2018. For this year, 47 homes have already been sold in Hong Kong for around $2.5 billion. This works out to an average pricing of $52.8 million for every housing unit. The number of sales volumes worldwide was the highest in Hong Kong for homes priced more than $25 million. This clearly indicates that the luxury real estate sector in Hong Kong is alive and ticking!
Around 129, 730 individuals possess in excess of $50 million for investable assets as mapped in 2017 and most of these buyers are spending on property in Hong Kong according to reports. There are 17 locations with sales of properties priced above $25 million. Most of these are cities with Hong Kong leading the pack followed by New York and London while there are locations which usually attract those looking for second homes like Gstaad, St. Moritz, Monaco, Aspen, Palm Beach, Malibu, Courchevel and the south of France along with the Caribbean. Sales have gone up by 12% over the last couple of years for Hong Kong, New York and London in case of prime real estate. This figure is only expected to increase further in the near future.
Hong Kong’s property market is also becoming more attractive to local buyers and those from mainland China who have attained residency status. These buyers are looking at properties which can be snapped up for lower prices now due to slight corrections in the market in recent times. Hong Kong remains the world’s costliest real estate market and in the ultra-luxury property space, demand shows no signs of abating.
