Lifestyle: 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

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.

A mansion on the market for $446 million could become the most expensive home ever sold in Hong Kong, which has the world's most expensive housing market. The 7,725 square-foot home is in a gated community in The Peak neighborhood that's home to bankers, celebrities, and Chinese billionaires.

Christie's International Real Estate

A mansion for sale in Hong Kong's exclusive and wealthy Peak neighborhood could break the record for the most expensive home sold in the territory — and possibly in all of Asia.

The $446 million home, which was built in 1991, went on the market in April 2018 and was available for lease before that, Joyce Lee, a representative for Christie's International Real Estate, told Business Insider.

Hong Kong, which is now home to more super-rich individuals than any other city in the world, is seeing property prices continuing to climb, particularly in the luxury market.

Christie's International Real Estate named Hong Kong the prime luxury market in the world for the second year in a row in its 2017 "Luxury Index" that evaluated growth and demand of premium real estate.

Hong Kong claimed the world's first and second most expensive home sales of 2017, according to the South China Morning Post, breaking several property records in the process, as Business Insider's Rosie Perper reported. An estate on The Peak was sold for $360 million to billionaire technology manufacturer Yeung Kin-man in January 2017, the South China Morning Post reported.

In November 2017, the most expensive apartments in Asia sold for a combined $149 million. And the city-state continues to break records in the luxury housing market in 2018.

In March 2018, a buyer paid $178.4 million, or $19,400 per square foot, for a mansion in Hong Kong's super-exclusive and wealthy Peak neighborhood, making it the most expensive residential sale in all of Asia, according to Bloomberg.

But this $446 million home could break even those staggering records. Here's a look inside the mansion and the exclusive, super-wealthy neighborhood where it sits.

See the rest of the story at Business Insider

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