It is possible to buy this private Caribbean island for the price of two luxury town homes near Cyberport

In Hong Kong’s inflated housing market, even billionaires are living fairly lean when it comes to accommodation, compared to the regal properties on offer in other parts of the world where value for money has a different complexion.

In the latest illustration of shrinking value in the world’s most expensive housing market, two luxury flats near Cyberport are being offered for sale at a price point that would buy the equivalent of a private Caribbean island getaway.

A 38-acre island, called Little Pipe Cay, the size of 16 standard football pitches, in Central Bahamas, has been listed for US$85 million, according to Knight Frank.

The property features five multi-bedroom furnished houses, four private beaches and several dock frontages. The island can be accessed from the US by direct flights from Miami to Nassau, the capital and biggest city of the Bahamas.

Meanwhile, two connected villas at Residence Bel-Air, on the southern side of Hong Kong Island, near Cyberport, with a combined living area of 8,380 square feet, are on tender with a target price of HK$538 million (US$68.57 million), or HK$64,200 per sq ft.