'Modest' Hong Kong mansion to break record for world's most expensive house

By
Tawar Razaghi
September 19, 2018
The modest property is located at The Peak, one of the most exclusive, wealthy Hong Kong neighbourhoods. Photo: Christie's International Real Estate

 A Hong Kong mansion could be about to break the world record for the most expensive home ever sold.

Priced at $A618 million, you might expect 24 Middle Gap Road to be a sprawling estate with an array of features and bedrooms.

But the property is set on a measly 718 square metres, looks fairly average and only has four bedrooms, 4.5 bathrooms and two car spaces.

The hefty asking price comes with the territory – the modest property is in The Peak neighbourhood, one of the most prestigious gated communities in Hong Kong.

This exclusive and wealthy area is home to a wide range of rich listers, from bankers to business magnates to celebrities.

The current world-record for a house is held by a home in the same neighbourhood, sold for $497 million in January 2017. It also held pole position in 2016 too.

The property, and the area it’s in, is perhaps the perfect flag-bearer for a city renowned for being the most expensive for housing in the globe on several fronts.

It is the second-most expensive market when it comes to prestigious real estate too with a $US1 million buying a mere 22 square metres.

Money simply doesn’t buy much in Hong Kong. Skyrocketing rents – and with them the increasing popularity in coffin homes – has earned it the tag of least affordable housing market in the world for the eighth year in row. Sydney comes in a close second.

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