It is not uncommon for Midtown luxury apartments to sell for millions of dollars or have extremely high monthly rent rates. Midtown Manhattan apartments are located in desired areas, offering the finest amenities from spas and fitness centers to doormen, valet parking and concierge service. Because these apartments are in high demand, it can be hard to find something affordable. Many renters think that real estate prices in Midtown Manhattan are the highest in the world, but that was recently proven not to be so.
And the winner is Hong Kong
The most expensive land in the world currently is located in the Central district of Hong Kong. A business tycoon from Hong Kong recently paid $3 billion for a commercial lot. The price tag comes to about $1 million per square meter. The price was so large due in part to the competition in the area for space. The sale of the commercial lot, which is currently home to a multi-story car park, actually created a new commercial land sales record and will be considered as a measuring point for future deals.
Prices of property, both residential and commercial, have been on the rise due to an influx of funds from investors and developers from the Chinese mainland. Because the Central district is considered prime real estate, any land sale is going to have a high price tag.
So by looking at this recent land sale, the price of land in Manhattan doesn’t seem half bad. When you’re searching for Midtown West apartment rentals and you see a large price tag, remember it’s not as bad as paying $3 billion for a car park! There are moderate rental rates that you can find in Midtown that hopefully meet your budget and help you find your dream apartment.