Thursday, 14 April 2011

Fact of the Day: World's Most Expensive Real Estate

Hong Kong has some pretty rich people who can afford the city's rising real estate prices. I'm not one of them, but just stating that for the record.

Recently it was reported by a sister publication of the Wall Street Journal that a collection of 22 luxury homes near the top of Victoria Peak, a development called 8 Severn Road has "the priciest address on the planet". The price? HK$57,032 per square foot.

My monthly salary doesn't even cover one square foot.

And then if you want to get a commercial space, Causeway Bay seems to have really expensive spots. A 50-square-foot retail space on Cannon Street has a monthly rent of HK$120,000 or HK$2,400 per square foot. It's the most expensive retail space in the city. Rent for that store has more than doubled in eight years.

As a result, mom and pop shops are being driven out of the area, stores that have been there for decades selling Chinese snacks or dry goods. What are they being replaced with? Luxury watch stores.

After all, mainland Chinese visitors need to buy a watch as their Hong Kong souvenir...

1 comment:

  1. it is bad and sad - an exposition of human greed.