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World’s wealthiest prefer homes in Hong Kong over New York, London

Ski destinations such as the Alps and Aspen and second home markets such as Malibu and the Caribbean also have emerged as top ultra-prime markets

Mumbai, December 11, 2018: For India’s wealthy, the top preferred markets are the United Kingdom, USA, UAE, Singapore and Canada. As per the latest survey by global real estate consultancy Knight Frank LLP, Hong Kong tops the ranking for the greatest number of sales in the ultra-prime residential market worldwide, with the highest number of transactions worth US $ 2.5 billion achieved in the last 12-month period ending August 2018. It was also the most expensive ultra-prime market, with an average price of US $52.8 million paid. New York and London took the second and third place, respectively.

Knight Frank has launched the first-ever assessment of the global ultra-prime residential market, analysing sales over US $25 million around the world. According to the research, the top six ultra-prime city markets of Hong Kong, New York, London, Singapore, Los Angeles and Sydney reported 153 transactions above US $25 million in the 12 months to the end of August 2018 with a combined value of US $6.6 billion. The combined transaction levels in these cities grew by 12% in the two years since 2016 with growth set to continue.

Total value of transactions (US$ million)
	2015	2016	2017	12 months to August 2018*
Hong Kong	$1,831	$1,646	$2,679	$2,481
New York	$1,026	$1,723	$1,627	$1,497
London	$2,881	$1,713	$1,563	$1,479
Singapore	$175	$131	$146	$529
Los Angeles	$201	$718	$660	$441
Sydney	$195	$123	$221	$219
Number of transactions
	2015	2016	2017	12 months to August 2018*
Hong Kong	37	30	47	47
New York	28	50	42	39
London	72	36	37	38
Singapore	4	2	5	12
Los Angeles	5	16	18	12
Sydney	6	3	6	5
Average transaction value (US$ million)
	2015	2016	2017	12 months to August 2018*
Hong Kong	$49.5	$54.9	$57.0	$52.8
Singapore	$43.6	$65.5	$29.1	$44.1
Sydney	$32.5	$41.0	$36.9	$43.8
London	$40.0	$47.6	$42.2	$38.9
New York	$36.6	$34.5	$38.7	$38.4
Los Angeles	$40.2	$44.8	$36.7	$36.7