Limited supply hamper growth in HK’s super-prime market

The number of super prime homes sold in HK dropped from 67 to 42 in 2Q23.

The total volume and value of super-prime homes sold in Hong Kong declined in 3Q23, data from Knight Frank showed.

In 2Q23, only 42 residential properties worth US$10m above were sold, a drop from 1Q23 when 67 homes exchanged hands.

The value of sold super-prime homes likewise dropped, falling from US$989m to US$834m.

On the flip side, average selling prices of super-prime homes in Hong Kong increased to US$19.9m in 2Q23 from US$14.8m in 1Q23.

According to Knight Frank, Hong Kong’s super-prime market received a “boost from mainland buyers who had been largely absent from the market between 2020 and 2022.”

“With greater travel expected in the remainder of the year, there is potential for increased demand,” the real estate expert added.

Knight Frank, however, underscored that Hong Kong still faces a limited supply of best-in-class super-prime homes.