More than 150 homes around the world changed hands for more than £20m each in the past year. According to research by the estate agent Knight Frank, the world’s richest people spent a combined £5.2bn on 153 properties that each sold for more than £20m in the year to end of August 2018.

Hong Kong where 47 homes priced at £20m or above changed hands was the highest number of ultra prime sales. New York was in second place with 39 sales. London was in third place with 38 transactions.

Estate agents said London had fallen out of favour with super rich buyers due to the increase in stamp duty and concerns about Brexit.

Liam Bailey, Knight Frank’s head of research said:

“The relentless creation of private wealth globally over the past decade has fuelled the growth of ultra-prime residential markets. Despite the proliferation of ultra-prime markets across cities, second home and ski locations, our research confirms there are three undisputed leading ultra-prime markets – Hong Kong, New York and London.”

“While London has seen a relative decline in its lead as the world’s largest ultra-prime market, in terms of sales, Hong Kong has steadily built a commanding lead in terms of total spend by the world’s wealthy on ultra-prime property with New York growing its position as a dominant ultra-prime location.”

Source: The Guardian
Fulya Altunyay/ [email protected]