For the first time Hong Kong has emerged as the world's top prime property market.
For the past five years, the «Christie’s International Real Estate Index» has categorized and ranked the world’s top performing luxury property markets by assessing and synthesising several quantitative market dynamics on an annualized basis.
In 2015, the firm expanded the Index rankings to measure not only the top 10 most «luxurious» cities for real estate (Luxury Index), but also the top 10 «hottest» performing prime property markets (Luxury Thermometer).
London has previously dominated the Luxury Index, towering above all other prime property markets with more luxury listings, deeper density of million dollar-plus property sales, comfortably ahead of runners up New York and Hong Kong.
Hong Kong Peaks
For the first time ever, this year Hong Kong has seized the top slot. With four residential sales above $100 million, capped by a single sale eclipsing $270 million,
Hong Kong led in almost all categories and set new sales price records for the region. The city-state takes the crown despite new stamp duties that were introduced in December to manage the limited supply of real estate and curb rising property prices.
Despite these measures, there still appears to be significant demand for premium real estate in the city, particularly in the top echelons, which saw continued demand from mainland Chinese buyers seeking to hedge against yuan depreciation.
