According to Christie' International Real Estate, the global property market saw a number of top-tier property transactions throughout 2017 with Hong Kong achieving three out of the five top sales. 

"The Hong Kong market continues to lead the world for a number of different reasons," Zackary Wright, Executive Director of Christie's International Real Estate told WILLIAMS MEDIA. 

Top 2017 International Residential Property Sales - Christie's International Real Estate

"There is considerable wealth in Hong Kong and these buyers are willing to invest in high-value real estate because they have confidence in the market," he said. 

The purchase of Hong Kong's The Peak property in 2017 for USD$149 million (HK$1.2 billion) was the year's highest-priced completed trophy home sale worldwide, second in price to a USD$360 million (HK $2.8 billion) teardown apartment building in the same neighbourhood.

Property for sale on The Peak, Hong Kong - Christie's International Real Estate

"Regionally, there is also considerable wealth in Asia and those buyers are similarly confident in the Hong Kong market. Add to that is that Hong Kong developers continue to build world-class product so there is a steady stream of exceptional properties for buyers that are willing and ready and can immediately purchase an outstanding new home," Wright added. 

Despite fewer homes selling above the "billionaire's benchmark" of $100 million in 2017, the report confirms that the global trophy home market remains active. 

World's 10 Highest Reported Individual Home Sales Annually - Christie's International Real Estate

Christie's identify that trophy homes can also be benchmark properties in their own market.

In Australia, the USD$54.6 million (AUD$71 million) sale of the Elaine property became the highest residential real estate sale in the country's history.

Ken Jacobs of Ken Jacobs Australia who handled the sale, identifies a theme among the buyers of trophy homes, in that the properties they purchase prioritise privacy and security.

In addition to this, Sibarth's Christian Wattiau advises that location, lot size, views, and luxurious fittings, all contribute to a trophy home's mettle. And each of the trophy homes sold in 2017 have many, if not all, of these characteristics. 

Top 2018 Residential Property Sales to Date - Christie's International Real Estate

With strong trophy sales already recorded in 2018, both new builds and resale homes with provenance alike are showing continued upward momentum.

"Developers are showing no qualms about continuing to build in the city. Completing the equation is that Hong Kong is one of the most vibrant and exciting cities in the world," Wright said. "Simply put, high-net-worth individuals, want to live and do business here."

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

For more information or to discuss the report, phone or email Zackary Wright, Executive Director of Christie's International Real Estate via the contact details listed below. 

Source: Christie's International Real Estate Luxury Defined 2018.

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