Despite negative headlines throughout the year, Hong Kong became the regional leader in the sales of luxury residential properties in 2022, according to a Knight Frank report.
Hong Kong led the sales of luxury homes (valued at $10 million or more) within the APAC region in 2022, according to Knight Frank’s «Wealth Report 2023». The city recorded 125 transactions with a total value of $27.7 billion.
Hong Kong led the region despite ongoing negative headlines throughout the year, notably related to political uncertainty and the economic impact of Covid-related restrictions.
Globally, Hong Kong ranked fifth with New York ($45 billion) in first place followed by Los Angeles ($43.4 billion), London ($43.1 billion) and Dubai ($38 billion).
Singapore, Sydney
Other major APAC cities were also featured in the top 10, including Singapore ($21.4 billion) in seventh place and Sydney ($15 billion) in ninth place.
And the outlook is expected to improve in 2023 due to China’s reopening.
«The return of Chinese buyers will likely boost transaction volumes for residential properties, particularly in the prime segments of the region’s gateway cities,» said Christine Li, head of research at Knight Frank APAC.
