- UK-based estate agency Knight Frank has announced its expansion into the Asia-Pacific region.
- The firm has opened a Private Office in Hong Kong, its second in Asia and its fifth globally.
- The move comes amid belief that the wealth of high-net-worth (HNW) individuals in the Asia-Pacific region is set to increase in 2023.
Knight Frank, a leading estate agency based in the UK, has announced an expansion into Hong Kong.
The company has appointed Ho-Pin Tung to lead the new Private Office. The office will advise clients on their global real estate portfolios, particularly targeting ultra-high-net-worth (UHNW) investors.
The move comes as a result of Knight Frank’s latest edition of The Wealth Report, which suggests that 45% of HNW individuals in Asia-Pacific are expected to see an increase in their wealth in 2023.
Victoria Garrett, the head of residential at Knight Frank Asia-Pacific, suggested that private wealth was “growing in Asia”. Garrett believes that the move will enable the company to “capitalise on existing and new relationships with key family offices and ultra-high net worth individuals in the region”.
Knight Frank conducted a survey that suggested 16% of their clients were looking to buy a home in 2023. With Hong Kong, Singapore and Sydney all ranking among the top 10 cities for ultra-prime property transactions, the expansion into Asia-Pacific is a logical one.
Ultra-prime property transactions involve the buying and selling of properties worth over $25m.
In 2022, approximately 345 transactions took place for super-prime ($10m+) sales and 53 for ultra-prime sales in the cities mentioned above.
This news will be of particular interest to international investors looking to increase their real estate portfolios. Knight Frank has a large client base in the UK, many of whom will be pleased with the expansion.
The news will also have repercussions for online money transfer services. Overseas investors will need to ensure they have a secure and cheap money transfer service to transfer money abroad, especially when making high-value purchases.
The firm believes that the move will benefit HNW and UHNW individuals looking for primary or secondary homes.
Businesses interested in expanding into Asia-Pacific markets will also be able to take advantage of the opening of Knight Frank’s Hong Kong Private Office, which will provide clients with a single point of contact across residential and commercial property markets.
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