....... Divertimento: Price of real estate

Monday, 16 May 2011

Price of real estate

There is a report in the newspaper today of a 700 square feet, second floor unit of a village house in Lamma Island which sold for a whopping HK$3.3 million. This equates to HK$4,700 per square foot, the highest psf price recorded on the island. So how expensive is real estate in Hong Kong?

The most recent global list I can find was released in February 2009 by Global Property Guide. According to them, the ranking (based on a 120 sq. m apartment in the city-center) is:

                             PRICE (USD/SQ M)
1. Monte Carlo      47,578
2. Moscow             20,853
3. London             20,756
4. Tokyo               17,998
5. Hong Kong       16,125 (* approximately HK$11,540 psf)
6. New York          14,898
7. Paris                 12,122
8. Singapore          9,701
9. Rome                 9,166
10. Mumbai            9,163

By the way, according to Forbes.com (October 14, 2010), the world’s most expensive home belongs to Indian billionaire, Mukesh Ambani. Apparently, the 27 storey purpose built skyscraper in Mumbai called Antila is worth £630 million i.e. US$1 billion. Well, he is the fourth richest man in the world afterall!

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