New Mansion sold for $111m in Hong Kong, ranks the most expensive this year

A tasteful six-bedroom villa has smashed this year's record as the world's most expensive home sold. The property is not in a random location but in Shouson Hill, one of Hong Kong's most exclusive neighbourhoods, home to several wealthy and powerful people including Li Ka-shing who is the 37th richest person in the world according to Forbes.

#15 Shouson broke this year's sales price record when House 7 sold for $111 million. According to Louis Ho, chief sales manager at Centaline Property Agency Ltd., the price represents the most expensive home transaction in Hong Kong this year. It was won by Emperor International Holdings Ltd., CC Land Holdings Ltd., Mingfa Group International Co., and CSI Properties Ltd . It is on the south side of Hong Kong Island, home to many tycoons and wealthy businessmen, but the buyer has not been identified. The house extends over 8,032 square meters and has six bedrooms, a swimming pool, a private garden, an elevator and a parking space.

It doesn't seem remarkable compared to other villas. Just last year, a group of TikTok personalities acquired a 12,500-square-foot, 10-bedroom mansion for $5 million. This mansion is located in Los Angeles, America. However, the interesting thing about real estate is that the price of the property depends not only on the size of the property but also on its location, age and condition, local markets and comparable neighborhoods.

"As the pandemic slows and Hong Kong's economy gradually returns to normal, the group expects the high-end residential real estate market to follow," Alex Yeung, vice chairman of Emperor International, said in a press release sent out in May. “With the prime location of No. 15 Shouson and its exquisite design inside and out, I believe the launch will be a market spotlight.”

Earlier this year, Hong Kong struggled with another wave of the pandemic, but now restrictions are gradually being lifted. The wave choked Hong Kong a bit and slowed its luxury market. The Hong Kong stock market was also hit at one of the fastest global rates earlier this year. Now it's gaining momentum with many notable transactions over the past few months.

However, Nigeria's luxury market appears to be doing fine despite the current local market and inflation.

Meanwhile, global demand for luxury real estate remains collectively strong even as rising interest rates weigh on overall housing markets. Although Nigeria as a whole is facing a drop in living standards due to the high rate of inflation, its luxury market has not experienced the same kind of decline.

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