Expert Insights – Piers Brunner, CEO, Knight Frank Greater China (March 2019)

  • By
  • Bella Ma
  • March 26, 2019

Spacious Influencer Series: Piers Brunner

Piers Brunner is the Chief Executive Officer for Greater China at Knight Frank, one of the world’s leading independent property advisors on commercial and residential markets. Based in Hong Kong and a veteran in the real estate industry with almost 30 years of experience, Piers has a wealth of experience in tenant representation – one of the most crucial growth areas for Knight Frank’s Greater China business.

Here Piers shares insights into the Hong Kong housing market exclusively with Spacious.

Stable demand for super luxury residential market despite external economic headwinds

Image: South China Morning Post

Hong Kong ranks one of the world’s top magnets for private wealth in terms of attracting cross border and domestic private capital investment, just after New York and London. It is also one of the top choices to live for the super wealthy according to the Knight Frank City Wealth Index, which measures the attractiveness of cities in terms of wealth growth, investment opportunities, and lifestyle. 

These top rankings for Hong Kong help to explain the stable demand prospects for the super luxury residential market which represents the top 5% of the price bracket and tends to be associated with Hong Kong neighbourhoods such as the Peak and the Southside. 

The Hong Kong market experienced a transaction volume and pricing cool in the second half of 2018. This was due in part to external headwinds from a slowed Chinese economy to an unstable Sino-US trade relationship. Despite this, Knight Frank expects the super luxury residential market to remain resilient compared to the mass market. Historically, the luxury market is proven to be less impacted by short term ups and downs in the economy and sentiments.