There is no better place on Earth to set a world property record than in Hong Kong, where it seems real estate values continue to soar upwards. For example, two of the most expensive apartments in this Asian city were sold for $149 million, last November.
Housing affordability in Hong Kong is absolutely ridiculous. The average price of a Hong Kong property is roughly upwards of $1.2 million, approximately 5.5% up over last year, and prime property about nearly $6.9 million, according to a CBRE report on Global Living. In Hong Kong, the median price of a home corresponds to about 20 times the annual median household income.
Parking spaces in Hong Kong are likewise insane. In fact, it may well be the most expensive place on Earth to park your car. Buying a parking lot for $433,000 in 2017 and selling it 9 months later in June 2018 for $760,000 in the Ultima Apartment complex in Kowloon, has ushered in another new world property record in Hong Kong.
Welcome to the city of the unaffordable, a city built on blood, sweat and tears and a conviction that if you don't push ahead, you will be left behind; people are there simply to make money, to survive and to acquire the property they covet.