Le Fang: Hong Kong's first-quarter volume and value of ultra-luxury home transactions ranked second globally.

Knight Frank's latest "Global Super Prime Property Report" shows that the global super prime property market continued to rebound in the first quarter of this year, with transaction volumes reaching a new high in a year, with Dubai, Hong Kong, and New York performing particularly well. In terms of transaction amounts and volume, Hong Kong ranked second globally, with 94 super prime properties sold in the first quarter, involving a total transaction value of $1.84 billion. The number of transactions and transaction amounts increased by 16% and 17% respectively on a quarterly basis, indicating a sustained recovery in the market. Among the 12 markets covered in the report, there were 636 transactions above $10 million in the first quarter of this year, representing a 14% increase from the previous quarter, reflecting the continued strong resilience of global private wealth despite rising financing costs and ongoing geopolitical and policy uncertainties. Dubai continued to lead the global super prime property market, with 193 transactions in the first quarter of this year involving a total amount of approximately $3.43 billion. The number of transactions increased by 35% on a quarterly basis and a significant 74% year-on-year. New York ranked third globally with 90 transactions and a total transaction value of $1.67 billion, with transaction volumes and amounts increasing by 58% and 48% respectively on a quarterly basis. Liam Bailey, head of global research at Knight Frank, pointed out that the global super prime property market had a strong performance in the first quarter of this year, but cautioned on interpreting the data carefully. While Dubai's super prime property market performed well, most of the transactions occurred in January and February before the US-Iran conflict. With ongoing changes in the region, he believes that the second quarter figures will better reflect the extent to which market demand is affected by uncertainties. Meanwhile, the increase in transaction activity in Hong Kong and New York indicates that the global private capital remains active when the market has ample liquidity, high-quality lifestyle options, and long-term investment confidence. Karen Liu, senior director and head of residential property agency at Knight Frank, added that the Hong Kong super prime property market has shown resilience in 2026, with continuous growth in transaction volumes and amounts for several quarters, reflecting the strong demand from high-net-worth individuals for premium residential assets, especially in prime locations with limited supply. With continuous inflow of funds, stable interest rates, and Hong Kong's unique advantages as an international financial center, demand for premium super prime properties is expected to remain robust. In addition, the ongoing development of wealth management and family office businesses in recent years will bring more potential buyers to the super prime property market, further consolidating Hong Kong's position as one of the global luxury real estate investment destinations.