Hong Kong Luxury Real Estate on a Roll

by Scott Murphy

Hong Kong Luxury Real Estate

$57 Million as a sales price for a Hong Kong apartment?

That’s a price that would make the most expensive areas around the world such as San Diego, Los Angeles, New York and even London cringe. This five-bedroom, 6158 square foot luxury duplex suite located at one of Hong Kong’s most prestigious addresses was bought by an unidentified buyer.
And if you think that is really high for an apartment like this, another recently sold in the same building for $51 million as well.
Created and crafted by one of Hong Kong’s major development companies, this is reported to be Hong Kong’s most expensive residential real estate sale–at a mind blowing $9,200 per square foot. This building also has many amenities such as an aroma spa center, fitness room, outdoor yoga gym and amazing views of the harbor.

That is an amount that most people cannot even imagine. No matter how hard-working or how dedicated to the saving, wise spending and money management encouraged by Forbes.com, lovemoney.com and the like, most people will not accumulate that kind of wealth–even in several lifetimes. It is most definitely the realm of the super rich, being able to purchase such colossally expensive homes–and the ultra-wealthy in Hong Kong are no exception.

There have been many fears of a bubble in China’s real estate economy, but lately the rich have been getting richer. There are now 130 billionaires in China and the number is expected to rise with all the money being poured into their economy.
There is also talk from Hong Kong’s leader Donald Tsang about freeing up more land for development to help add supply and bring down the prices to make housing more affordable.

What if I had $57 million to buy a luxury home in the U.S.?

I would seriously have to consider a currently-available 10,000 square foot home right on the beach in Del Mar, just north of La Jolla. The climate couldn’t be more perfect, the views are spectacular, while snow-covered mountains and desert golf are just a couple of hours away. But then again, I am a big fan of (and a Realtor in) San Diego!

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