Hong Kong is tops for buyers of mansions

HONG Kong has overtaken London as the top market for luxury homes after a record number of deals topping $100million.

Four out of the record 10 homes that sold for this amount last year were in Hong Kong, according to a Christie’s International Real Estate survey published on Wednesday. London, with two $100-million deals, dropped to second place for the first time in the survey’s fiveyear lifespan. New York retained third place.

Peaks in markets such as Hong Kong have been set against “more turbulent waters witnessed in deep markets like the UK, which has had to deal with an election, new taxes from a Conservative government, Brexit and yet another election”, said Dan Conn, CEO of Christie’s property division.

While the top of the realestate market is thriving, sales of more modestly priced luxury properties are starting to slow. Sales of homes costing at least $1-million rose 1% worldwide last year, down from 8% growth in 2015 and a 16% rise in 2014, according to the report.

The average time it took to sell a luxury property rose about 13% to 220 days as supply outstripped demand in some markets. — Bloomberg