Reports Luxury Flat In Hong Kong Sets New World Price Record

By: Tian Li

A luxury flat in Hong Kong has set the new world record by fetching a price of about 767,000 HK dollars (113,900 U.S. dollars) per square meter, local media reportedThursday.
The luxury duplex located on the 68th floor, which has five bedrooms and a total floor area of 572 square meters , was sold for 439 million HK dollars, developer Henderson Land said Wednesday.
In terms of salable area, the price was about 121,000 U.S. dollars per square meter, the South China Morning Post reported.
A luxury flat in London had set the previous world record at 6,000 pounds for each square foot of salable area .
Luxury flats in the same project in West Mid-Levels, Hong Kong, have been fetching stunning prices in recent days. Another flat on the same floor with a floor area of 571 square meters went for 397million HK dollars.
The real estate prices in Hong Kong was now back at their mid- 2008 level after a brief period correction amid the global economic downturn, but they were still below the peak prices recorded in 1997. Luxury flats, however, were more expensive.
In economics, a luxury good is a good for which demand increases more than proportionally as income rises, in contrast to a "necessity good", for which demand is not related to income.
Luxury goods are said to have high income elasticity of demand: as people become wealthier, they will buy more and more of the luxury good. This also means, that should be a decline in income its demand will drop. Income elasticity of demand is not constant with respect to income, and may change sign at different levels of income.
That is to say, a luxury good may become a normal good or even an inferior good at different income levels, e.g. a wealthy person stops buying increasing numbers of luxury cars for his automobile collection to start collecting airplanes .

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