Of all that’s changed in Hong Kong in the quarter-century since China took over, home prices remain rock solid.
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., C C Land, Mingfa Group and CSI Properties. The home spans 8,032 square feet and comes with a private garden, swimming pool and – a luxury in Hong Kong – its own parking space.
Shouson Hill, on the southern side of Hong Kong Island, is among the city’s most exclusive neighborhoods, counting city’s wealthiest person, business magnate Li Ka-Shing as a resident. The city’s real estate of all types is among the world’s priciest, in part because of the lack of buildable land.
The record price was confirmed by Louis Ho, principal sales director at Centaline Property Agency, who said transaction volumes for secondary luxury homes in upscale neighborhoods like the Peak and the Southern District dropped 58 percent in the first half from a year earlier, reflecting Covid mitigation measures and a dearth of mainland Chinese capital.
Last fall, a condominium in the Mount Nicholson complex in Hong Kong’s Peak neighborhood set a record price per square foot in Asia, selling for the equivalent of $18,072 per square foot.
Luxury real estate, which surged since the pandemic took off, hit a snag this spring, when sales dropped almost 18 percent in the three months that ended April 30. That marked the third-largest hit to that market in the past decade, according to a report from Redfin
Still, demand remains high for top-flight properties. Oracle founder Larry Ellison, paid $173 million for a Manalapan estate, setting a record for home sales in Florida, property records indicate and people confirmed to The Real Deal.
[Bloomberg] – Rachel Herzog