This $446 million mansion in Hong Kong could break the record as the most expensive home ever sold in the world's most expensive housing market - and it's surprisingly modest
The four-bedroom mansion sits on 7,725 square feet on Middle Gap Road, one of the most prestigious gated communities in Hong Kong, according to the real estate listing. The home is surrounded by dense woods.
The colonial-style home was built in 1991 and includes an outdoor swimming pool.
Views of the hilly, greenery-filled neighborhood surround the pool area.
Upon entering the home, you're greeted by plants and a light-filled entryway.
The kitchen is "fully fitted and equipped," according to the listing.
The home includes a separate living and dining area. It also has central air-conditioning.
A smaller dining area overlooks the swimming pool.
Depending on which room of the house you're in, you can have a view of the sea to the south ...
The $445 million price tag for the home might seem mind-boggling if you're not aware that Hong Kong has the most expensive housing market in the world. A survey of 300 cities has named Hong Kong the least affordable housing market for eight years in a row.
Source: The New York Times
The neighborhood, called the Peak, which is short for Victoria Peak, is known for being one of the most expensive residential neighborhoods areas of Hong Kong — and the world. It's home to bankers, wealthy expatriates, business magnates, celebrities, and Chinese millionaires and billionaires.
Source: Business Insider
It's rumored that Jack Ma, the Chinese billionaire who founded Alibaba, purchased a $191 million mansion in the neighborhood in 2015, but that has never been confirmed.
Source: Business Insider
Its elevated location offers stunning views of Hong Kong's skyline as well as a relative respite from the sweaty streets of the city.
Source: Business Insider
In the past 10 years, three of the Peak's streets — Pollock's Path, Barker Road, and Severn Road — have claimed the title of the world's most expensive street.
Source: Business Insider
On the Peak, the supply of new luxury homes is extremely limited, Thomas Lam, head of valuation and consultancy at Knight Frank, told Bloomberg. "Prices for houses will grow further due to the limited supply," Lam told the South China Morning Post.
Source: Bloomberg, South China Morning Post
Hong Kong as a whole is in the midst of a housing crisis that forces tens of thousands of people to pay at least $180 a month to live in tiny "coffin homes."
Source: Business Insider
A government task force has been trying to figure out how to make better use of Hong Kong's scarce land. Some options they're considering include creating pod homes out of concrete drainpipes, adding additional floors to skyscrapers, and even building artificial islands.
Source: The New York Times
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