High Estates

Real estate in Hong Kong is already one of the most expensive properties in the world. The highest land which is called The Peak measures at 1,811 feet above sea level. It has a lavish reputation; in fact the local headlines claim that it is already the most expensive residential land in the whole world!

The land auction of the government for 12 Mount Kellett Road sold for $231 million, which is 134% of the opening bid, translating to $5,417 per square. And this is just the land. Why the high price? It’s the principle of supply-and-demand. Aside from the fact that this neighborhood has the lowest density throughout Hong Kong, property here comes available infrequently so that some of the richest in the world line up to buy.