The average time for a sale closing of a luxury property has been extended by about 13 percent, where in some markets the supply exceeds the demand. This year, Hong Kong reported the highest ever reported home price in the world. Namely, a buyer from China bought a property in Hong Kong for $360 million which he is now tearing down to build a single-family home where he plans to live with his family.
In Hong Kong, a great deal of the wealth is generated from real estate. In the past several decades, much of that was driven by technology and manufacturing, hence this shows that buyers are becoming more diverse. The luxury market shows little sign of cooling down in 2017, despite recent government efforts to try and control prices. According to Solly Assa, there are already a couple of nine-figure sales announced in Hong Kong this year.