Although not acknowledged by those involved, this competition for the coveted title has long since been waged among the super powers of the Hong Kong real estate sector. This Infographic portrays a time line of all record holders, showing how the benchmark of the most expensive apartment in Hong Kong has been rising over the years.
According to the list in the earlier years from 2004 to the first quarter of 2010, it was a 3 horse race between Kerry Properties’ Branksome Crest, Sun Hung Kai’s The Arch, and Cheung Kong’s The Legend, each with time in the spotlight possessing the title of the most expensive apartment in Hong Kong.
In September of 2010 a new comer to the list, Henderson Land topped the standings with its sales in 39 Conduit Road. The units sold in the development reportedly reached HK$ 71,280 per square feet, but were later withdrawn with much controversy and allegations of doctored sales by Henderson Land.
The current development to top the list in 2012 is Swire’s Opus, Swire not having held this title in nearly a decade pulled all the stops with an ultra exclusive development designed by Frank Grephy the architect of the iconic Guggenheim Museum and the Walt Disney Concert Hall. The record breaking apartment on the 9th floor sold for HK$ 455,000,000 (US$ 58,705,133) on the 17th of October 2012, it comprises of 6,683 square feet gross, which works out to an eye watering HK$ 68,083 (US$ 8,784) per square feet.
To put things in perspective in 2004, just 8 years ago the most expensive apartment was the 51st floor of Branksome Crest making the headlines at only HK$ 28,139 (US$ 3,609) per square feet. Compared to the sky high prices in the last two years, a luxury flat at that price wouldn’t bat an eyelid, showing how far we have come to be acclimatized towards Hong Kong’s property prices.
This list reflects how the prices of Hong Kong apartments and property in general have increased in the recent years, so much so that housing affordability has been a major concern of the Hong Kong government. In 2010, measures were put in place with a Special Stamp duty that penalizes prospective speculators looking to flip properties in the short term, then in 2011, restrictions were implemented restricting the size of mortgages especially for non-locals. But even with these measures in place, in the last two years the prices of property in Hong Kong haven’t showed much signs of slowing down.
On the 26th of October 2012, the government put into place one of the most extreme measures with its implementation of the Buyers Stamp Duty, a tax of 15 percent of the purchase price for residential properties for non-locals and companies buying in Hong Kong. Foreign buyers especially from Mainland China has played a major role in propping up the prices of property in Hong Kong, reportedly at least 20% of all purchases in luxury property were by Mainlanders.
This major move by the government was put into place just 9 days after the record setting sale in the Opus, and is expected to be a real dampener to the prices in Hong Kong. Along with all the measures to cool the property market, it will be interesting to see if in the near future there will be more record deals to be added to the list and when this period of excess is finally over.
To get the infographic and for all sources of reference please visit: http://www.homenet.com.hk/hong-kongs-most-expensive-apartments.html
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