Hong Kong Tops International Luxury Real Estate Market
Hong Kong Top International Luxury Real Estate Market
Have a desire to own international luxury real estate in the priciest region in the world ? Head to Hong Kong.
The Chinese city has emerged in recent years as the home of the most expensive international luxury real estate properties on the globe, a place where the price of a home has skyrocketed by more than 70 percent in the past three years while simultaneously seeing extremely low mortgage rates and a boom in home construction.
Top draw
The explosion of international luxury real estate in Hong Kong is expected to not only lure investors from around the globe but wealthy Chinese and those from other Asian countries who had previously sought international luxury real estate in such popular global destinations such as New York City and London. The surge in international luxury real estate in Hong Kong has prompted the prestigious London-based auction headquarters Christie’s International to open an international luxury real estate office in Hong Kong. It will be Christie’s first in the entire continent of Asia but definitely not the last. The auction house is also hoping to open regional offices in Tokyo, Singapore, Taipei and Kuala Lumpur in the coming year.
A representative from Christie says that the Hong Kong office will serve as a major base of operations for the company, a location the home will serve as a hub for their Asian-Pacific operations.
A boom in millionaires
The boom in the Hong Kong market comes as the number of people in the Japan/Southeast Asia/China area with “disposable” assets of $100 million or more topped more than 17,500. It’s a total that pushed the region past North America’s total.
Apartments in Hong Kong are currently averaging 55 percent higher in price than a similar apartment in London. By comparison, apartments in New York City are approximately 14 percent less expensive and those in Moscow are approximately 7.3 percent higher.
Hong Kong’s international luxury real estate market is proving to be a plus for other industries around the world, as international luxury real estate developers are flocking to the region to take advantage of the demand and help it meet the demand.
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