Hong Kong real estate has come roaring back after a rollercoaster 15 years.Sales are setting for records again, despite cooling efforts from the government, and people are worrying about a bubble. Home prices have doubled in the past four years.
The last time the city was this hot—1997—its housing market harder faster than any in history.
Oh yeah, and China may be on the brink of an epic breakdown.
So is it a bubble? Bulls say there’s no room to expand in Hong Kong—short of man-made islands—and the city is the primo financial centre of Asia. Still the latest record breaking prices are ridiculous.
JULY 1997: A day after Hong Kong reunited with mainland China, Thailand was forced to devalue its currency, triggered an economic downturn across Asia and leading to Hong Kong's property market crash. House prices fell by as much as 50 per cent,
MAY 2004: Property prices increase by 5% in the first quarter—the fastest quarterly growth in more than three years
SEPTEMBER 2004: Hong Kong housing prices see an annual gain of 28.7%, ranked first among all countries in the world.
DECEMBER 2006: Government land auction fetches set a record for around US$5,444 per square foot in the famed housing complex Severn 8.
OCTOBER 2007: A 3,205 square foot duplex apartment on Hong Kong island fetches around US$4,300 per square foot — a new record
NOVEMBER 2007: Sun Hung Kai properties sells a unit in the Severn 8 housing project for around US$27 million; the property set a record for price per square foot at around US$5,290.
SEPTEMBER 2009: A pair of penthouse apartments are put on sale for US$39 million, setting an apartment per square foot record at US$9,700
OCTOBER 2009: A Hong Kong luxury apartment on the 68th floor of the famous 39 Conduit Road sold for US$57 million, Asia's most expensive apartment at the time.
MAY 2010: Martin Lee, the youngest son of Hong Kong real estate tycoon Lee Shau-kee, purchased a plot of land for US$233 million; a new record at US$8,746 per square foot.
SEPTEMBER-OCTOBER 2010: The complex at 6-16 Peel Rise at The Peak, another luxury home site, sells for US$141 million.
NOVEMBER 2010: The A 79th floor unit in a downtown skyscraper, The Centre, sells for US$3,300 per square foot — a new record for commercial property.
AUGUST 2012: A 6,200 square foot apartment in a Frank Gehry designed building was sold for US$61 million, making it the most expensive apartment ever sold in Hong Kong
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