A tasteful six-bedroom mansion broke this year’s record as the most expensive house sold in the world. The estate is not in a random location – but is located in Shouson Hill, one of Hong Kong’s most exclusive neighborhoods where several wealthy and powerful individuals live, including Li Ka-shing, who is the 37th most wealthy person in the world according to Forbes.
No. 15 Shouson broke this year’s sales price record when House 7 was sold for $111 million. The price represents the most expensive home transaction in Hong Kong this year, according to Louis Ho, principal sales director at Centaline Property Agency Ltd. It was co-developed by Emperor International Holdings Ltd., CC Land Holdings Ltd., Mingfa Group International Co., and CSI Properties Ltd. It’s located on the southern side of Hong Kong Island, home to many tycoons and wealthy business people but the buyer hasn’t been identified. The home spans 8,032 square feet and has six bedrooms, a swimming pool, a private garden, an elevator, and a parking space.
When compared to other mansions, it does not seem noteworthy. Just last year, a group of TikTok personalities got a mansion that spans 12,500 square feet and has 10 bedrooms for $5 million. This mansion is located in Los Angeles, America. The interesting thing about real estate though is the price of the property is not solely dependent on the property’s size but also on its location, its age and condition, the local markets, and the neighborhood comparable.
“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.”
At the start of this year, Hong Kong was dealing with another wave of the pandemic, but now restrictions are beginning to be lifted. The wave stifled Hong Kong a bit, slowing down its luxury market. Hong Kong’s stock market was also affected earlier this year at one of the fastest global rates. Now, it’s gaining speed with many remarkable transactions over the past few months.
However, Nigeria’s luxury market seems to be fine even with the current local market and inflation.
Meanwhile, global luxury real estate demand remains high collectively even as rising interest rates strain broader housing markets. 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.