Luxury home sales in Hong Kong hit record US$24.6 billion last year, says Centaline report

Sales of luxury homes in Hong Kong smashed all previous records last year, according to research by Centaline Property Agency.

But whether that momentum can be maintained in 2019 will depend on the outcome of the US-China trade war, analysts warned.

The number of homes that sold for HK$20 million (US$2.55 million) or more climbed above 4,000 for the first time, up 8.2 per cent on the year, to 4,189. The total value of those transactions reached HK$192.67 billion, the most since records began in 1996, up 14.8 per cent from a year earlier, according to Centaline’s figures.

“The good prospects of the luxury home market attracted a considerable amount of capital,” said Wong Leung-sing, senior associate director of research at Centaline. “The good sales of new luxury housing projects led to a high number of transactions.”

The luxury housing estate with the highest number of transactions was Fleur Pavilia in North Point, where New World Development sold 380 flats for a total of HK$9.59 billion.

The turnover of luxury residential property this year will hinge on the result of the US-China trade war negotiations, said Charles Chan, managing director of valuation and professional services at Savills.