Hong Kong is both the least affordable market in the world and home to the most expensive apartment in Asia.
A luxury penthouse duplex in the Henderson Land Development project at 39 Conduit Road has sold for about $67 million U.S. dollars, an eye-popping $13,372 per square feet, despite efforts from the government to cool down property prices, according to Bloomberg. The unit is 4,971 square feet and includes three parking spots and a private swimming pool.
Prices for homes in Hong Kong hit record highs this year and climbed for the 17th consecutive month in July, the region’s longest streak since 1993. Prices of luxury residences routinely break records for Asia, and the housing market got even more expensive during 2017’s second quarter.
It currently takes a household earning median income 18 years to buy a home in Hong Kong — the longest amount of time in the world — and the market has reached the point where even bankers can struggle to find solid affordable housing, instead moving to co-living developments. [Bloomberg] – Eddie Small