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The world’s most expensive property market braces for another year of growth

The world’s most expensive property market braces for another year of growth

By Hamish McDougall

It’s already the world’s most expensive city to buy a home, and the Hong Kong property market is expected to gain a further 10% in 2018. This is on top of 14% growth in 2017, which marked the longest stretch of house price increases in 25 years. And there are no signs of a slow-down.

“It’s a reflection of soaring prices of land sold over 20 months ago via government land sales.”

Thomas Lam Tat-man, general manager of Henderson Property Agency, quoted in SCMP

Hong Kong property market in a nutshell:

  • Residential land accounts for only 7% of Hong Kong’s total area
  • The government sells off new parcels to the highest bidder (increasingly mainland Chinese developers)
  • The average apartment’s price per square foot is HKD$14,100 (S$2,364)
  • House prices have increased by a staggering 430% since 2003

Record-setting house prices

There’s a way to go before the city starts competing with the world’s most expensive homes in London, LA, France, and of course Mumbai (where 27-storey private home Antilia is reputed to be worth US $1bn). Nonetheless, the Hong Kong property market smashed records last year for the highest price per square foot.

The world's most expensive home by psf at 110 Repulse Bay Road, Hong Kong

A four-bedroom Renaissance-style townhouse in Repulse Bay (pictured above) took the gong with a price tag of HKD$860,000,000 (a cool S$144m), equivalent to S$35k psf. Sure it has stunning finishes and a lovely waterfront aspect, but to put this in context, Antilia clocks in at about S$3.3k psf.

Makes us feel a little better about property prices in Singapore.

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