Hong Kong challenges world's biggest super-prime property market in sales
Hong Kong has sharply reduced its gap with Dubai, the world's largest market of homes priced at US$10 million or more, as rising conflict weighs on the Middle Eastern market.
Dubai maintained its position as the world's largest super-prime residential market, with 131 sales totaling $2.17 billion in the second quarter, according to Knight Frank. However, Hong Kong's luxury real estate market showed significant growth, with 93 transactions worth $1.67 billion, up 75% year-on-year. New York, Miami, Los Angeles, and Singapore followed Hong Kong in the rankings.
Mainland Chinese buyers have been instrumental in Hong Kong's luxury housing recovery, targeting prestigious properties in areas like The Peak. Despite the recovery, the wider super-prime market faced challenges, with globally 572 homes priced above $10 million changing hands, a 7% decrease from the first quarter and 6% from a year ago.
The 7% decline in Dubai's second quarter did not significantly impact its status as the leading super-prime market. Hong Kong's luxury property market, while slowing due to external pressures like Chinese tax changes and capital controls, continues to be a major player, with developers releasing inventory held back during the downturn to capitalize on the market's rebound.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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