Posh home prices up for 20th consecutive month in February

A luxury apartment at the Peak sold for almost $130,000 per sq ft at $590.19m.

Luxury residential property prices extend their steep climb after rising for the 20th consecutive month in February and gaining 15% in total as sustained demand for posh properties pushed prices up, according to Knight Frank's Hong Kong monthly report. 

Sales of luxury homes worth $10m and more surged 55% YoY and 26% MoM as luxury properties remained the sole bright spot of the slowing real estate sector where prices inched up by a marginal 1.3% MoM in January.

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A tower at the high floor of Mount Nicholson at the Peak sold for a whopping $590.19m or nearly $130,000 per sqft whilst the sale of a flat at Blue Pool Road in Happy Valley was closed for the price of $303.8m or $66,015 psf.

A mid-floor unit at Eredine at the Peak also sold for $110m over the same period.

Not to be outdone, the Mid-Levels district also had its fair share of high-value luxury home transactions in February after a unit in 55 Conduit Road sold for $286.15m whilst another high floor at Century Tower was sold for $110m.