The world’s super-rich collectively spent $6.6 billion in a recent 12-month period on homes worth $25 million or more, according to new research by Knight Frank, the global real estate consultancy firm. The ultra-wealthy bought these residences in cities around the world, but Hong Kong was the most popular market.
In the year ending August 2018, there were 47 ultra-prime residential property sales in Hong Kong, worth a total of $2.5 billion, Knight Frank says. (“Ultra-prime” is the term given to markets with at least three transactions worth $25 million or more in each of the last three years.) New York was home to 39 such deals for a combined value of $1.5 billion, and London followed closely with 38 ultra-prime transactions, also worth $1.5 billion.
Hong Kong also leads the way in terms of the average value of ultra-prime transactions. In the 12-month period ending August 2018, the average ultra-prime sale there was worth about $53 million, versus $44 million for Singapore and Sydney, the cities that tied for second place.
In Hong Kong, New York and London alone, 124 ultra-prime home sales totaled $5.5 billion
Hong Kong, London and New York—three bastions of wealth—collectively recorded 124 home sales above $25 million in the year to August, totaling US$5.5 billion, according to new data published Monday.
Together those 124 ultra-prime sales roughly equated to the entire economy of Bermuda, according to 2017 figures from the World Bank. The data comes from a new report from global brokerage Knight Frank that details the world’s priciest locales.
Researchers identified 17 housing markets globally that consistently record sales over $25 million. Those include the three major cities mentioned above, as well as Singapore, Los Angeles, Sydney, Miami and Paris.