There are various real estate markets in the world and the price of properties have been going through the roof all over the world. One of the most expensive real estate market in the world is the Hong Kong real estate market. Not only has the bar been increased for the luxuries available, the prices have also increased correspondingly.

One of the recent additions is the Peak, which is actually the Victoria Peak that has been renamed and is located at about 1811 feet higher than the sea level. Te fact that the place is right in the middle of the city and that it gives you a view of the islands that dot the place makes the place more aesthetic. These facts have also made the place to be dubbed by some as the most expensive residential place to buy on the Earth. In fact, the going rate is said to be about $5,417 for every square foot.

There are various reasons for the huge price tag and the most important reason is that the demand in this particular place is very high. There are not many places available in this area for people to stay and so when the space is available, people are ready to pay through their nose for such luxurious properties.

The real estate market is booming once again after the recession ended and there are only about 50 properties that are available at The Peak. The very few number of properties that are available has contributed to the sudden rise in the price. The beauty and the history of Hong Kong also makes the rich and famous from all over the world to want to own a land in this place and that could be another reason for the high price for the property at The Peak. Though the best real estate properties are very expensive, there are many properties that have very few people interested in them.

The 118 story, 484 meter (1588 feet) International Commerce Centre, scheduled to be complete in 2010, will be the tallest building in Hong Kong and the world’s third tallest tower behind the Burj Dubai and Shanghai Financial Center.  It is a mixed-use tower with two five-star hotels, commercial office space, an observation deck, retail shops, and parking space. Designed by the architectural firm of Kohn Pederson Fox Associates, the building will feature an ultra modern design and streamlined architecture.  The International Commerce Centre is being developed by Sun Hung Kai Properties and is located in West Kowloon in Union Square on top of the Kowloon Station on Hong Kong’s waterfront.

A 5-star Ritz Carlton hotel will be on the top 15 floors of the tower.  The lobby of the hotel will sit at 425 meters (1394 feet) and become the world’s highest hotel, overtaking the Grand Hyatt Hotel that is located in the Jin Mao Tower in Shanghai.  The hotel will feature an observation deck with 360-degree views of Hong Kong’s world-renown skyline.  There will be three upscale restaurants, conference and meeting space, an indoor swimming pool, as well as a spa and fitness center.

The other hotel is the W Hong Kong and will consist of 393 suites and rooms, 10,000 square feet of conference and meeting space, two restaurants, a rooftop pool and Bliss spa.

The retail portion of the International Commerce Centre is called Elements and will feature over one million square feet of fine dining, shopping, cultural and entertainment spaces.  There will be themed zones, inspired by the 5 Chinese elements of fire, water, earth, wood, and include a rooftop garden and a boulevard of two story shops

The International Commerce Centre will also offer first class office space on the 10th through the 22nd floors.  Credit Suisse and Morgan Stanley will each occupy ten floors and Deutsche Bank twelve floors.  .  The demand for high quality office space has been growing, with more and more local and multinational corporations moving into Hong Kong.  The office space at International Commerce Centre will help feel this need

Harborview Place will provide luxurious residential living for expatriates and business executives who need long-term Hong Kong living accommodations.  Amenities include twenty-four hour concierge service, lounge, gym, and rooftop pool.  There will also be a Tenants Club will offer a full range of amenities, including conference and business facilities and gym.

The International Commerce Center is located in a prime spot on the Victoria Harbor and is in the center of Hong Kong’s cultural and business hub.  Sitting atop the Airport Expression Station, and located near the Western Harbor Crossing, the International Commerce Centre has nearby access to the West and East Rails at West Kowloon Station, and is only a twenty-minute drive to the airport.

The International Commerce Centre is scheduled to be complete in 2010.  In 2007 the Elements shopping mall opened and as of October 2008 the building has reached the 107th story at 436 meters (1430 feet).