The world's most expensive home sold this year was a stylish six-bedroom mansion, shattering the previous record. The estate is not situated in a random area; rather, it is in Shouson Hill, one of Hong Kong's most affluent neighborhoods, where many wealthy and influential people reside, including Li Ka-shing, who according to Forbes is the 37th richest person in the world.
When House 7 sold for $111 million, No. 15 Shouson smashed the previous record for sales price for the year. According to Louis Ho, principal sales director of Centaline Property Agency Ltd., the price reflects the most expensive property purchase in Hong Kong this year. Emperor International Holdings Ltd., CC Land Holdings Ltd., Mingfa Group International Co., and CSI Properties Ltd. all contributed to its development.
The buyer has not been revealed, however it is on the southern part of Hong Kong Island, which is home to many tycoons and affluent businesspeople. There are six bedrooms, a swimming pool, a private garden, an elevator, and a parking spot in the 8,032 square foot house.
It doesn't seem notable when compared to other mansions. A group of TikTok influencers just paid $5 million for a mansion with 12,500 square feet and 10 bedrooms. America's Los Angeles is where you may find this home. But the intriguing thing about real estate is that location, age, condition, local markets, and comparable properties in the area all affect the price of a home in addition to its size.
“As the pandemic slows down and Hong Kong’s economy gradually returns to normal, the group expects that the high-end residential market shall follow,” said Alex Yeung, the vice-chairman of Emperor International, in a press release sent out in May. “With No. 15 Shouson’s prime location and its exquisite design from inside and out, I believe that the launch will be a market spotlight.”
Hong Kong was grappling with a new pandemic wave at the beginning of this year, but now limitations are starting to be relaxed. The wave somewhat slowed down Hong Kong's luxury market. Early this year, Hong Kong's stock market also experienced one of the quickest global rates of change. With numerous noteworthy transactions over the past few months, it is now picking up momentum
Despite the current local market and inflation, Nigeria's luxury market appears to be doing okay.
In the meanwhile, even as rising interest rates put pressure on wider housing markets, demand for luxury real estate globally continues to be high. Though Nigeria as a whole faces a decline of living standards because of the high inflation rate, its luxury market has not faced the same kind of decline.
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