Early in 2018 almost US$180 million was paid for one of Hong Kong’s mansions, located in Peak which is one of the most affluent and highly exclusive neighborhoods of Hong Kong. The sale of that property was at that time the most expensive residential sale not only in Hong Kong but also in the whole of Asia. However, there is now a different property up for sale for US$446 million which is raising the bar to unexpected heights. In this article, we look at the 5 most expensive areas to buy real estate in Hong Kong.

Pok Fu Lam

The average sales price of properties in this neighborhood have risen sharply between January and March 2020 and people can now expect to pay $3,200 per square meter. Likewise, the price of renting houses has also increased by more than 40%. In fact, the increase in this neighborhood has been larger than in any of the other five wealthy districts of Hong Kong. According to residents and real estate companies this is still a more affordable neighborhood to live in than any of the others. Even though you will require an adequate income the requirements are not impossible. A hundred square meter house will therefore cost approximately US$320,000.

Happy Valley

Properties are now selling for approximately US$4000 per square meter in Happy Valley. The average hundred square meter property can therefore cost in the region of US$400,000. This neighborhood is an exclusive area in the city of Hong Kong and both tenants and owners of properties tend to hold on to what they have.

The majority of people who have grown up in Happy Valley tend to stay there all their lives. This is why the current increase in the selling price of property is actually a perfect reflection of the well-established reputation of this neighborhood. The perceptions which people have about Happy Valley have always been high and this has been the situation for decades.

Island South

In Island South, in March 2020,  1 m² would’ve cost just over US$4000. Therefore, hundred square meter properties would likewise be just over US$400,000 for cash buyers. In many ways the people of Hong Kong are seeing Island South as a more economical substitute for The Peak. This is an area which is relatively quiet and it is also considerably greener than most of the other districts in Hong Kong. Most of the houses in this neighborhood are approximately 3000 ft.² in size. One of the attractions as far as locals and visitors are concerned are the beaches close by and there are also a large number of international schools which are making the neighborhood particularly attractive to expats.

Mid-Levels

There has been an increase in the selling prices of properties in this neighborhood of 132%. A square meter of property will cost more than US$4000. This area has traditionally been very attractive to business people because it is very easy to commute to the office. This was especially true for senior bankers whose offices are located in Central.

Many of the younger generation of ex-pats are also attracted to the social opportunities in the surrounding areas. There are also excellent upmarket shops along Hollywood Road. Nevertheless, this neighborhood is more densely populated than The Peak and this is why this area is not as exclusive. This is probably a reason for the smaller residential properties in the area which are approximately 2500 ft.² in size.

The Peak

Those who have purchased properties in this affluent neighborhood a decade ago and still own those properties would have seen a 39% increase in the value of the property. Nevertheless, The Peak continues to be the most prestigious residential home address in all of Hong Kong even though by some standards it has not performed as well as other districts. In March 2020 the selling price of properties in The Peak has reached US$5400 per square meter.

This neighborhood is elevated above the city of Hong Kong and is located on the tallest mountain on the island. It is known for its spectacular views and beautiful greenery which is why this area has become the dwelling place of the elite and for films and this is how it has been since colonial times. Living in this neighborhood is an undisputable sign of status, affluence and well-being.