Across some of the world’s largest cities, trophy-home hunters can expect to pay the largest premium for the prestige of securing a penthouse in Hong Kong according to a report Monday from Knight Frank.
A top-tier unit in the city comes with a 59% price premium per square foot, the highest surcharge of any of the five top global markets analyzed by the estate agency and property consultant, which compared the cost and size of a penthouse unit to the average of the rest of the units in the same development.
Despite the upcharge, a penthouse buyer in Hong Kong will only get a footprint that’s 48% larger than their less-exclusive neighbors, the smallest size premium of the cities analyzed.
“Exclusivity and privacy underpin values, and local factors such as configuration of developments and sales technique mean [price] premiums in various cities can differ by as much as 50%,” Flora Harley, partner of residential research at Knight Frank, said in the report.
Article Source: Mansion Global