Knight Frank: Hong Kong ranks second globally in super-prime residential transaction prices and volumes in Q2.

According to Knight Frank's latest "Global Super-Prime Report," in the second quarter of this year, 12 major global markets recorded a total of 572 residential transactions priced at US$10 million or above, down 7% quarter-on-quarter, with total transaction value of US$10.5 billion, a decrease of 5% from the previous quarter. Despite the decline in transaction volume, the average transaction value rose slightly from about US$17.9 million in the first quarter to US$18.4 million. Dubai and New York showed a slowdown, while Hong Kong continued to maintain transaction levels near recent highs. Dubai continued to hold the top spot in the global super-prime residential market, recording 131 transactions in the second quarter with total transaction value of US$2.17 billion, ranking first globally by both transaction volume and value. However, market activity eased from the high in the first quarter, with transaction volume and value falling 21% and 27% quarter-on-quarter respectively. Hong Kong ranked second globally in the quarter with 93 transactions and transaction value of US$1.67 billion, with market performance remaining strong, as transaction volume and total value surged 75% and 67% year-on-year respectively. New York and Miami followed closely behind, recording 57 and 53 transactions respectively, with total transaction values of US$965 million and US$808 million. London ranked third globally by transaction value. Although transaction volume edged down to 44, total transaction value jumped 72% quarter-on-quarter to US$1.43 billion. Liam Bailey, Global Head of Research at Knight Frank, said Dubai's super-prime residential market continued to maintain its global leading position, Hong Kong's recovery foundation was becoming increasingly solid, and the strong performance of Miami and Singapore reflected different types of demand in the market. The most noteworthy phenomenon this quarter was that market momentum was gradually shifting from being led by individual markets to a pattern of synchronized development across multiple markets. Liu Wenhua, Senior Director and Head of Residential Agency at Knight Frank, said Hong Kong's super-prime residential market continued to show strong resilience in the second quarter, ranking second globally in both transaction volume and transaction value. The market recently recorded several notable transactions, including a whole-building deal at Shouson Hill Road worth about HK$290 million, reflecting a steady recovery in ultra-high-net-worth buyer confidence and continued pursuit of premium luxury homes with collectible value. With improving market sentiment, growing demand from mainland and local capital, and limited supply of quality residences in traditional luxury residential districts, all of these provide strong support for Hong Kong's super-prime residential market and are expected to continue driving the steady development of the luxury residential market.