Hong Kong’s famous tourist destination The Peak is usually on the bucket list for those on Ontrack’s Hong Kong International Tour, but homes on the famous landmark continue to lead the way in Hong Kong’s incredible real estate market.
Nestled high above Hong Kong’s famous harbour The Peak attracts seven million tourists a year and a cable car ride delivers spectacular views of the city and its waterfront.
But it’s the road up to the famous landmark which is the Hamptons of Hong Kong with only the very wealthy able to buy there.
Back in Hong Kong's colonial days, laws were put in place to make sure that only Europeans were allowed to own property on the Peak. Those laws are long gone, and today anyone who can afford to do so can live there. It's just that very few people can.
Hong Kong’s The Business Times reports one house last year sold for AUS$161 million, or $28,700 per square foot, while another sold for AUS $251 million.
Pollock Path, a cul-de-sac on the way to The Peak was named the most expensive street in the world a few years ago.
No 5 Pollock Path is one of the few remaining original houses on the Peak but half a century ago, this house was not luxurious in any sense of the word.
When Charles and Rosamond Brown bought it in the 1960s, it was a wreck, the garden overgrown and the windows ajar, exposing the interior to damage from the elements.
The Browns had so little money back then that they painted it themselves.
More than five decades later, Rosamond Brown, now a widow, sold the house in 2017 for AUS$574 million, including tax, according to The South China Morning Post.
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