World’s wealthiest people bought 153 homes each costing £20 MILLION or more in the last year – with Hong Kong, New York and London the main locations
- 153 properties costing more than £20million sold August 2017 to August 2018
- The combined cost of these ‘ultra-prime’ properties was £5.2billion
- Hong Kong, New York and London saw the highest number of these purchases
- The average price of one of these homes in Hong Kong was £41.76million
The keys to more than 150 homes costing more than £20million ($25million) changed hands in the last year, research has found.
The 153 ‘ultra-prime’ properties sold globally in the 12 months leading up to August this year, cost a combined £5.2billion ($6.6billion).
Hong Kong, New York and London saw the highest number of transactions above £20million, with the British capital bumped off the top spot in recent years as a result of concerns over Brexit and increased stamp duty, researchers said.
Market peak: Hong Kong, New York and London, pictured, saw the highest number of sales above £20million, with the British capital bumped off the top spot in the past three years
The figures have been revealed in estate agent Knight Frank’s annual Global Ultra-Prime Market report.
In 2017, 155 properties costing more than £20million were sold around the world, an increase by 13 per cent from the year before, according to Knight Frank researchers.
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This has been fuelled by a continuing increase in the number of ‘ultra wealthy’ individuals – people who have at least £40million in net assets.
In the past five years, the number of ‘ultra wealthy’ has increased by 18 per cent, and are forecast to increase another 40 per cent in the next five.
Top spot: Hong Kong, pictured, saw the highest number of sales of homes costing more than £20million with 47, followed by New York and London
Big Apple: Some 39 properties, mostly flats, were sold in New York in the last year. Pictured is the Flatiron Building on Fifth Avenue in Manhattan
From August 2017 to August 2018, Hong Kong saw 47 sales of homes costing more than £20million, followed by New York with 39 and London with 38.
Hong Kong also has the highest average price in the past 12 months – a whopping £41.76million per home ($52.8million).
Hong Kong knocked London off the top spot following the Brexit referendum and the increased stamp duty to 12 per cent on properties sold for more than £1.5million – both of which took place in 2016.
In 2015, London saw 72 properties sold for more than £20million – almost double the amount of any other city in the world.
In 2016 this halved to 36, and by 2017, Hong Kong had become the most city with the highest number of properties sold for more than £20million with 47 transactions.
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