Ultra-luxury homes will continue to be in demand amongst the super-rich and their prices in Hong Kong will continue to be steady and they may increase in the future with several mainland billionaires building global assets. Luxury mansion sales in Hong Kong represent a thriving market with limited supply and higher demand from several Chinese and other billionaires who want prime properties in the city. Around 82 ultra-luxury properties which are worth a minimum of $40 million or HK$314 million were successfully sold over the last 30 months as per reports. This trend should continue in the future and the ultra-luxury real estate market in Hong Kong should continue doing well with growing demand. 20-30 luxury homes are annually available in the Hong Kong market as per reports.
Over the years, sales for these properties have been divided amongst buyers from Hong Kong and mainland buyers. However, over the last few months, more than 75% of new purchases in this segment were made by wealthy mainland buyers as per studies. Zhu Xingliang who is a mainland billionaire, has just purchased the third costliest flat in Asia in the premium Mount Nicholson project at The Peak. This 4, 266 flat is situated on the 10th floor of the third phase of the project.
This appetite for luxury property does not just span mansions but also premium apartments as seen from the above instance. Zhu has a net worth of $2.6 billion as per estimates and like him, there are several other buyers who covet premium property in Hong Kong. Luxury Hong Kong property also offers greater stability from an investment perspective. Several global investors already have their cash available in Hong Kong with listed organizations, companies and other assets and these are converted towards purchasing commercial/residential property. The measures of the Hong Kong Government for cooling realty prices with 30% stamp duties on non-resident buyers do not really work in the segment for this reason.
