Of all that has changed in Hong Kong in the quarter century since China took over, house prices remain strong.
Case in point: A six-bedroom mansion in Shouson Hill just sold for $111 million, a 2022 record, Bloomberg reported, citing a statement from co-developers Emperor International Holdings Ltd., CC Land, Mingfa Group and CSI Properties. The house spans 8,032 square feet and includes a private garden, swimming pool and – a luxury in Hong Kong – its own parking space.
Shouson Hill, on the south side of Hong Kong Island, is one of the city’s most exclusive neighborhoods, home to the city’s wealthiest person, business tycoon Li Ka-Shing, among its residents. Real estate of all types in the city is among the most expensive in the world, partly due to the lack of building land.
The record price was confirmed by Louis Ho, senior sales manager at Centaline Property Agency, who said transaction volumes for luxury second homes in upscale neighborhoods like the Peak and the Southern District had fallen by 58 % in the first half year-on-year, reflecting Covid easing. measures and a shortage of mainland Chinese capital.
Last fall, a condominium at the Mount Nicholson complex in Hong Kong’s Peak district set a record price per square foot in Asia, selling for the equivalent of $18,072 per square foot.
Luxury real estate, which has surged since the start of the pandemic, hit a snag this spring, when sales fell nearly 18% in the three months to April 30. This is the third biggest blow to this market in the last decade, according to a report from Redfin
Yet demand remains high for high-end properties. Oracle founder Larry Ellison paid $173 million for an estate in Manalapan, setting a Florida home sales record, according to property records and people confirmed to The Real Deal.
[Bloomberg] –Rachel Herzog