HK home property prices continue to defy gravity

Surge fuelled by thriving economy, as well as strong demand from mainland Chinese and limited land supply

Hong Kong

THERE are breathtaking views of Victoria Harbour from a 23rd-floor apartment that recently sold for US$722,000 in the new Le Riviera building. The high-end German appliances and marble countertops evoke European luxury. In the entrance of the building, colourful wire mesh sculptures by Spanish artists hang from the ceiling.

There is just one catch. The apartment is only 275 square feet (25.5 square metres), with a bedroom just large enough to accommodate a double bed.

"If we don't buy now, we might not be able to afford it later," said Frank Wu, 60, the new owner of this so-called microflat in Shau Kei Wan, a former fishing village on the northeastern edge of Hong Kong Island.

Real estate...

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