The £1.4m penthouse in London
It doesn't matter which country you're from, I'm sure you'll agree that a 185 square meter, 4 bedroom £1.4m property (roughly USD1.88m) isn't cheap. When my friend told me last year, he was going to buy this, I told him he was absolutely bonkers!!! For that price he could have gotten a massive detached house with a front and back garden in pretty much anywhere in UK. This weekend, I finally had a chance to visit him and see for myself what at £1.4m property looks like.
My friend wasn't born with a silver spoon, and credit to him he worked hard in the past few decades to earn his money. His affordability to buy this in London is also helped by the fact he is from Hong Kong. This is a city which has the most expensive property prices according to https://www.globalpropertyguide.com. The property prices have been booming for well over a decade in Hong Kong, and anyone who has sold a property there will have made a lot lot more than they ever could compare to a 9 to 5 job. Affordability is so high in Hong Kong now, that many can't afford to get on the property ladder, or they scrap all their life savings to buy a shoe box, then continue to work their butt off every day to pay the mortgage.
In the table below, Hong Kong property cost USD28.5k per square meter, that's even higher than London and New York. London and New York are major cities in a big country, and when that gets too expensive, people have the option to move further out from the city. This option is not so feasible in Hong Kong because Hong Kong is so small, it's less than 1% the size of New York, and it only takes an hour or so to get from one end of the city to another. Property may be cheaper at some places, but not much and it's still going to cost you an arm and a leg.
If my friend was to buy a similar quality property in Hong Kong at the same price, there is no way he'd be able to get the same square footage. And that's why he sees this as a good value property and didn't think twice about buying it. It's all down to perspective and your background. Personally, I wouldn't buy this property even if I could afford it, just like I wouldn't spend 5000 Hive to buy a Hive Punk!!! Everyone has their own values, priority and preference in life, and if you earned it and can afford it, I'd say why not go for it. Your life your money.
I would have loved to show you the interior as well, but I have to respect my friend's privacy. What I can show you is the night view from his balcony. 180 degrees with full view of the neighbourhood fireworks during the new year. Isn't it just spectacular?
What's the property prices like in your city? Is it quite affordable or very difficult to get on the property ladder as well?
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