Los Angeles Wins Worlds Top Spot for Luxury House Pricing and is home to the world’s most expensive residential property. A mansion called “The One” located in the exclusive Bel Air neighborhood, which is due to go on the market in mid-2018 for US$500 million (HK$3.92 billion)
Luxury US$500M mega house in Los Angeles
LA’s Average Luxury Home Price not Far Behind Hong Kong.
The average price of a luxury home in LA at the end of 2017 was US$2.5 million, not far behind Hong Kong’s average of US$2.8 million, according to a recent report by Christie’s
Los Angeles luxury property prices last year fell well short of Hong Kong’s premium properties, especially in The Peak neighborhood.
The most expensive property sold in Los Angeles sold for US$88 million in 2017. Hong Kong boasted the world’s first and second most expensive home sales of 2017.
This is due to mainlanders seeking to hedge against yuan depreciation by buying “trophy homes” in limited supply.
Hong Kong still breaking record prices
Hong Kong has been named as the world “most luxurious” prime housing market for the second year running.
Pollocks Path Estate on The Peak was sold for a record-breaking HK$2.8 billion (US$360 million) to technology manufacturing tycoon Yeung Kin-man in January 2017 while two units in the Mount Nicholson development sold for HK$1.6 billion (US$149 million) in November.
More recently, another house on The Peak changed hands for HK$1.39 billion (US$177.3 million) in March – making it Asia’s second most expensive property on a square foot basis