Hong Kong luxury apartment sale smashes Asia price record

Mount Nicholson apartment fetches HK$132,000 per square foot.

Bloomberg reports that an unidentified buyer paid HK$132,000 ($17,000) per square foot for a luxury flat in Hong Kong’s exclusive Peak neighborhood, making it Asia’s most expensive apartment by area, according to Knight Frank LLP.

“For many high net-worth individuals, Mount Nicholson is a way to invest,” said Thomas Lam, head of valuation and consultancy at Knight Frank.

Such purchases also highlight the extreme differences between rich and poor in Hong Kong, which is the world’s least affordable city to buy a house. It would take 2,745 years worth of the entire median annual income of HK$204,000 to buy the record 4,242 square foot property on the Peak.

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