Knight Frank: Hong Kong ranked second in the world in terms of sales volume of super luxury properties in the second quarter

The Zhitong Finance App learned that according to the “Global Super Luxury Property Report” recently released by Knight Frank, in the second quarter of this year, 12 major global markets recorded a total of 572 residential transactions worth 10 million US dollars or more, down 7% from quarter to quarter, with a total turnover of 10.5 billion US dollars.

Despite a decline in the number of transactions, the average transaction amount rose slightly from about US$17.9 million in the first quarter of this year to US$18.4 million. The performance of the Dubai and New York markets slowed, while Hong Kong continued to maintain recent high transaction levels.

Dubai continues to rank first in the world's superluxury property market. It recorded 131 transactions in the second quarter, with a total turnover of US$2.17 billion, ranking first in the world in terms of number of transactions and transaction value. However, market activity declined somewhat from the high level in the first quarter. The number of transactions and transaction amount decreased by 21% and 27%, respectively, from quarter to quarter.

Hong Kong ranked second in the world with 93 transactions and a turnover of US$1.67 billion in the current quarter. Market performance continued to be strong. The number of transactions and total transactions increased sharply by 75% and 67%, respectively. New York and Miami followed suit, recording 57 and 53 transactions respectively, with total transaction amounts of US$965 million and US$808 million.

London is ranked 3rd in the world by transaction value. Although the number of transactions dropped slightly to 44, total turnover rose sharply by 72% quarterly to US$1.43 billion.

Liam Bailey, head of global research at Knight Frank, said that the Dubai super luxury property market continues to maintain its leading position in the world, Hong Kong's recovery base is becoming more stable, and the strong performance of Miami and Singapore reflects different types of demand in the market. The most notable phenomenon this quarter is that the market momentum is being dominated by individual markets, gradually shifting to a pattern of simultaneous development of multiple markets.

Liu Wenhua, senior director of Knight Frank and head of the residential property agency department, said that the Hong Kong super luxury property market continued to show strong resilience in the second quarter, ranking second in the world in terms of number of transactions and transaction value. Recently, the market has recorded a number of high-profile transactions, including a total transaction of around HK$290 million on Shoushan Village Road, reflecting a steady recovery in the confidence of ultra-high net worth buyers and continuing to seek high-quality luxury homes with collectible value. As the market climate improves, mainland and local capital demand increases, and the limited supply of high-quality housing in traditional luxury housing locations, all provide strong support for the Hong Kong super luxury property market, and it is expected that it will continue to drive the steady development of the luxury housing market.