A 12.5 square metre spot in a luxury Hong Kong apartment complex has sold for an incredible €1.06 million (HK$10 million). Part of The Peak, which boasts unimaginable property prices, has attracted some of the city’s richest people. Overlooking Victoria Harbour, the space is no larger than apartments which normal residents cannot even afford.
UBS reported, in 2019, that a skilled worker required 22 years of income to afford a 60-metre flat, with the average property price in Hong Kong ranging at $1.2 million. With a 3,378 square-foot penthouse selling for US$59 million just last year and setting a benchmark price per square foot at $17,500, Hong Kong’s luxury property market skyrocketed following economic and political uncertainty in the years beforehand.
Photo Source: International Director