[Asia][HK] New Record Set for Asia's Most Expensive Flat

A new record has just been set for the most expensive flat in Asia. Yes, without even the need to do any research, you would have guessed the property is located in Hong Kong. The said property is located at 21 Barrett Road and was sold at a hefty price tag of HK$459.4 million (USD$59.3 million) . With an area of 3,378 square-foot, the luxurious penthouse set a new psf record of US$17,500. The previous record was in 2017, and in just 4 years, the record is re-written, seemingly unaffected by Covid.

This does not come as a surprise since in a 2019 report released by real estate firm CBRE, Hong Kong topped the chart as the world's most expensive residential city, with Singapore in 2nd place. However, the "lead" in which Hong Kong has over Singapore is rather significant. It was reported that Hong Kong's average property price was USD$ 1,235,220 while Singapore's price was close to 30% less at USD$874,372. Also, Hong Kong's average price per square foot (psf) was almost double that of Singapore's, with psf at USD$2,091 and USD$ 1,063 respectively.

Covid has hit the Hong Kong economy hard, but it certainly has not impacted the real estate market adversely. In fact, the opposite is now happening. This is in line with the previous article we have written regarding the expected bullish trend in Asia's real estate in 2021. While unemployment rate continues to climb, hitting a 16-year record at 6.6%, the wealthy and super wealthy appear to be unaffected by Covid. Where most investment classes are experiencing extreme uncertainties, real estate has become the go-to asset class to own.

If the current trend continues, we will see a new record set in no time. All signs are looking great for the real estate industry in this pandemic, so what are you waiting for? If you are in Asia (especially in places like Hong Kong or Singapore), it is high time that you divert your money into real estate!