Christie's International Real Estate's Luxury Defined 2018 report has identified Hong Kong as the "most luxurious" major housing market worldwide for the second consecutive year.  

After topping the list in 2016, Hong Kong has managed to once again claim the title thanks to a $350 million sale, the most expensive residential transaction on record during 2017, making Hong Kong the world's top performing market. 

With two residential sales above $100 million, significant annual growth in luxury home sales, and the highest price per square foot of any urban area, Hong Kong has made a name for itself as having the most expensive real estate market in the world.

Christie's Luxury Defined report shows that Hong Kong led in almost all categories and once again set new sales price records for the region. 

Despite rising property prices the report notes that there still appears to be significant demand for premium real estate in the city, particularly from mainland Chinese buyers. 

The report highlights the increasing interest in trophy homes. 2017 saw the sale of a new detached house in The Peak for $149 million (HK$1.2 billion); a price of $16,966 per square foot, which was the year's highest-priced completed trophy home sale worldwide. 

In Hong Kong, Chief Executive and Founder of Landscope Christie's International Real Estate, K.S. Koh, says "new builds always achieve much higher prices."

"Nobody talks about provenance here and old houses are always torn down and rebuilt," he said. Christie's report identifies that luxury buyer preferences for new builds are increasingly becoming more popular on an international scale, even though aspects such as provenance generate significant interest in markets such as the English countryside.

Christie's report suggests that if buyer interest continues to focus on new and luxury builds, Hong Kong's rank as the "most luxurious" housing market may claim the top spot next year too. 

Click here to view Christie's International Real Estate Luxury Defined 2018 Report.

For more information about the findings of the report or to discuss Hong Kong's luxury property market phone or email Zack Wright of Christie's International Real Estate via the contact details listed below. 

Source: Christie's International Real Estate 

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