Rich buyers are reshaping ultra-luxury property markets from Sydney and Hong Kong to Dubai, drawn by each city's unique selling proposition. In Sydney, Peter Li, general manager at Plus Agency, said commission revenues on super-luxury homes had risen about 20 per cent from a year earlier. The mood is similarly upbeat in Hong Kong.
The relocation of the world's wealthy is rewriting the property map, reshaping ultra-luxury markets in cities from Sydney and Hong Kong to Dubai, as buyers are drawn by each location's unique selling points.
In Sydney, Peter Li, general manager at Plus Agency, said commission revenues on super-luxury homes had risen about 20 per cent from a year earlier. The firm, which handles more than US$300 million in annual sales, has hired six new staff members since January and expanded its bonus pool as high-end buyers return.
"The activity level this year feels very different as clients are moving with conviction," Li said, adding that he made the right call in increasing staffing levels.
"The extra expense is worth it," Li said.
The mood is similarly upbeat in Hong Kong, though specific details are not provided in the available text. Keywords referenced include Irwin Mitchell, Dubai, Peter Li, Polly Chu, Juwai IQI, Hugill & Ip, London, Sydney, Hong Kong, Midland, Knight Frank, Middle East, Capital Investment Entrant Scheme, Plus Agency, and Asim Arshad.