Hong Kong Real Estate Most Expensive in the World

Hong Kong has always been a pricey place to purchase property and land. At the top of the property ladder has always been The Peak. Settled by colonial administrators and the former site of the Governors summer residence, The Peak has always been favoured by the city's mover and shakers.

Towering over Hong Kong Island, the area lets residents escape the humidity of the city below, to the greenery of The Peak above - it also affords the best views of Hong Kong's arsenal of skyscrapers and beautiful harbour.

January's sale saw 12 Mount Kellet Road, a government owned piece of land, fetch a cool $231 million, making the per square foot price in the region of a staggering $5,500. And remember, this is just for land. Why the high price? The Hong Kong government effectively has a monopoly on land sales and can dictate when to sell, something it does not to frequently. The last sale of Peak property came eight years ago, and with demand so high prices have skyrocketed.

The lack of available land in Hong Kong as a whole has turned auctions for premium land into bidding wars between rival developers. This record may not stand for long.

Can't afford to buy check out our Visitors Guide to The Peak, so you can at least have a look.