HONG Kong’s luxury residential sales recovered in the first quarter as the removal of property curbs lured back wealthy buyers.
Hong Kong recorded 36 property transactions worth at least US$10 million in the first quarter of this year, according to the Knight Frank global super-prime intelligence report. This is more than double the 15 transactions during the prior quarter. Annually, the city had 132 of these super-prime property transactions in the year to March and remains as the top-ranking market in Asia.
Hong Kong’s property market is in a prolonged downturn due to higher interest rates and China’s slowing economy. While the luxury market has also been impacted, demand has resurfaced after the government removed all property curbs earlier this year.
The second-highest ranking country in Asia is Singapore, which recorded 88 sales in the year to March. The South-east Asian country, which has seen a surge in wealth and property prices since the pandemic, has introduced cooling measures in recent years. Globally, Dubai continues to lead the ranking of super-prime sales. BLOOMBERG
