If the many Bentley and Rolls parked outside fancy boutique hotels tell you anything, it’s that Hong Kong is a playground for the ultra rich.
Turns out, they like to live here too.
The annual Global Luxury Residential Real Estate Report looks at the property holdings of more than 200,000 ultra high net worth individuals (really, really rich people with a net worth of at least USD30 million, or HKD234 million).
Hong Kong real estate is among the most sought after for this group, alongside that of New York and London.
Safety, transparent legal systems and quality education are the main factors that influence where these high rollers decide to call home (or second home), said Sotheby’s CEO Philip White.
According to a report released by Wealth-X and Sotheby’s International Realty, almost 80 percent of all ultra high net worth individuals own two or more homes. The average is 2.7 homes per person.
Don’t tell that to these kids.
But wait! It’s not all bad for residents of the Fragrant Harbour, if you’re a real estate agent, at least.
The report classified buying houses as a “Top Hobby” among Hong Kong’s rich, meaning that they buy and sell properties at a more frequent rate than elsewhere.
Samson Law, managing director of Hong Kong Sotheby’s International Realty, said that despite government measures to control the property market, strong demand for luxury properties and ample supply mean the market looks positive for 2015.
Hello commission! Goodbye first, second and third rung of the property ladder.
Photo: See-ming Lee via Flickr
