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Hong Kong is known for having one of the most expensive real estate sector in the world, in both commercial and residential space. As property value increase, the tendency with Hong Kong property owners is to leave property vacant whilst waiting for a better time to sell it on. This subsequently raises the vacancy rate.
A CBRE report from 2019 lists Hong Kong as having the highest average property price in the world. As of June 2021, an average 500 sqft apartment cost HK$9.44 million in Hong Kong Island, HK$8.32 million in Kowloon, and HK$7 million in New Territories; an average family would have to save for about 20.7 years to pay for such a unit.
Property developers are major landlords of residential, retail and office space in the territory, engaged in all aspects of property development, construction, property investment and management. Most hold sizeable construction land banks, such as Henderson Land, Sun Hung Kai Properties, New World Development and Cheung Kong, which hold between ...
Below are the top 10 most expensive houses in Hong Kong. Prices (valuation) are based on best estimates in 2023. Factors determining prices include location, view, built quality, past transactions, media reports and annual figures published by Rating and Valuation Department of the Government. Rankings are based on per square foot.
Hong Kong’s government has lifted curbs on property deals after home prices fell to a seven-year low, adding to the Chinese territory's woes. Finance minister Paul Chan announced the move in a ...
8. London, United Kingdom. 9. Nassau, The Bahamas. 10. Los Angeles. For more CNN news and newsletters create an account at CNN.com. Two finance hubs in Asia have topped Mercer’s 2024 Cost of ...
A mansion for sale in Hong Kong's exclusive and wealthy Peak neighborhood could break the record for the most expensive home sold in the territory.
The government will also ease property lending policies to boost housing demand. Real estate and related industries play a key role in Hong Kong’s economy, accounting for as much as a fifth of ...