Hong Kong Apartment Sale Highest in Asia

• 15 January 2018
• Construction Focus
• 1426 Views

A luxury apartment in Hong Kong’s exclusive Peak district has sold for USD17, 000 per square foot making it Asia’s most expensive residential real estate by area.

The unidentified buyer purchased two adjoining apartments for a total of USD220 million with the square footage record broken by the smaller of the two which sold for USD80 million.

Hong Kong is currently experiencing a huge boom across all areas of real estates, most notably commercial were rates remain the highest in the world and residential where new records continue to be set. Secondary residential prices have risen 11 percent in the last 12 months alone.

A calculation by Knight Frank showed that for an individual earning the median income wage in Hong Kong, it would take them 2,745 years to purchase the record breaking property on the Peak.