The real estate market is soaring in Hong Kong. A new apartment has just sold for 459.4 million Hong Kong dollars, or 49 million euros. This is not a record, but the price per square meter is unprecedented. It amounts to 156,000 euros, local media reported on Wednesday.
This 313 square meter, five-bedroom apartment is located on the heights of Mid-Levels, a popular area of Hong Kong Island.
Large disparities in wealth
Already battered by months of protests in 2019, the Hong Kong economy has taken the full brunt of the impact of the pandemic and the closing of borders. The GDP of the semi-autonomous region of China contracted by 6.1% in 2020, a record, and the unemployment rate currently stands at 6.6%, the highest level in 16 years.
But Hong Kong is a city of stark contrasts. An extravagant concentration of luxury cars thus rub shoulders in its streets with elderly people collecting pieces of cardboard on trolleys to recycle them. This real estate sale tends to confirm that the super-rich in Hong Kong are not experiencing the crisis.