Hong Kong Mansion Sets Sale Price Record

Hong Kong just registered its priciest home sale of the year thus far.

A new mansion at 1 Gough Hill Road in the ritzy Peak area sold for nearly HK$1.1 billion ($140 million), Bloomberg reported. The luxury home spans 11,442 square feet and features five bedrooms and a private elevator.

The sale beats out a HK$1 billion ($128 million) sale of a villa in the Kowloon Tong neighborhood earlier this year. At 15 Gough Hill Road, down the street from the record-setting sale, a mansion previously owned by Chinese tycoon Chen Hongtian sold for HK$790 million ($101 million), marking a more than 60 percent drop from the price Chen purchased it for in 2016, according to Bloomberg.

The sale comes as the luxury property market in the world’s highest-cost-of-living city sees an uptick in activity, per Midland Realty data cited by Bloomberg. Anticipated cuts in U.S. interest rates, coupled with the city’s ongoing financial market bounceback and an increase in initial public offerings, are helping bolster price increases and sales.

“The U.S.–China agreement on trade tariffs this month, a recovering stock market and the possibility of a U.S. rate cut in the second half of the year have stimulated both the primary and secondary housing markets,” Louis Chan Wing-kit, CEO of Centaline Property Agency, told the South China Morning Post.

New property sales in July rose 55 percent from the month prior, according to Chan. Residential transactions in June climbed to a seven-month high of 5,955 units, marking a 16.7 percent jump from the previous month. It was the first time since late 2021 that home sales reached more than 5,000 units for the fourth month in a row, per CBRE data cited by the Morning Post.

So far this year, total primary market transactions in Hong Kong have reached more than 12,500, outdoing all of 2022 and 2023, per Finimize.

— Chris Malone Méndez