Mid-Levels Luxury Home Sells for HK$43.8M, Owner Loses HK$14.2M in 5 Years!

A luxury apartment in the iconic Bellevue Court in Mid-Levels East has sold for HK$43.8 million, marking the first second-hand transaction in the estate in over two years. The seller, who purchased the property five years ago, incurred a significant loss of HK$14.2 million, as the unit's value dropped by approximately 24%.

The property, located in Block C, low floor, Unit 55, has a saleable area of 2,257 square feet and features a three-bedroom layout. The unit had been listed for sale and was recently sold at a price of approximately HK$19,406 per square foot.

This transaction reflects a sharp decline in Bellevue Court's property prices. The last second-hand sale in the estate was in July 2023, involving a mid-floor unit in Block B with the same size of 2,257 square feet, which sold for HK$66.8 million, or HK$29,597 per square foot. Compared to that, the recent transaction represents a 34% price drop.

The original owner purchased the property at the market peak in 2020 for approximately HK$58 million. After holding the property for five years, they sold it with a substantial loss.

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