The most expensive housing in Hong Kong Island is concentrated in the areas of Central, Mid-Levels, and the Peak. These neighborhoods are renowned for their stunning views of Victoria Harbour and the South China Sea, as well as their proximity to the city's financial district and luxury shopping areas. According to data from the Hong Kong Land Registry, the average price per square foot in these areas can exceed $20,000 USD, making them some of the most expensive real estate markets in the world.

The high cost of housing in these areas can be attributed to several factors. Firstly, the limited land availability on Hong Kong Island has driven up property values. The island is surrounded by water, making it impossible to expand outward. This scarcity of land has led to intense competition for the available properties, pushing prices sky-high. Secondly, the demand for luxury housing in these areas is driven by a wealthy international community, including expatriates, celebrities, and affluent locals. The prestigious addresses in Central, Mid-Levels, and the Peak are seen as status symbols, further inflating prices.

Moreover, the infrastructure and amenities in these neighborhoods are unparalleled. Central is home to the city's financial district, offering world-class shopping, dining, and entertainment options. Mid-Levels is known for its tranquil residential atmosphere and exclusive private schools. The Peak, on the other hand, is a haven for those seeking privacy and luxury, with its secluded villas and panoramic views. These factors contribute to the desirability of these neighborhoods, making them the most expensive in Hong Kong Island.

According to a report by Knight Frank, the average price per square foot in Central and Mid-Levels has increased by 15% over the past year, while the average price per square foot in the Peak has increased by 10%. These figures highlight the ongoing trend of rising housing prices in these areas. Additionally, a study by the Hong Kong Institute of Surveyors found that the average price per square foot in Central and Mid-Levels is now higher than in Manhattan, New York City, making them the most expensive residential neighborhoods in the world.

In conclusion, the most expensive housing in Hong Kong Island is found in Central, Mid-Levels, and the Peak. The combination of limited land availability, high demand from a wealthy international community, and the exceptional infrastructure and amenities in these areas has driven up property values to unprecedented levels. As long as these factors remain in place, it is unlikely that the housing prices in these neighborhoods will decrease in the near future.