Mid-Levels retains its appeal for high-end buyers largely due to its central location and the fact that only occasionally are properties made available for sale to answer the strong demand. Two deals were concluded last month at Dynasty Court by estate agent Midland Realty. Built in 1991, the high-rise at 23 Old Peak Road in Mid-Levels offers clubhouse facilities and a 24-hour guard service. One of the transactions was for a 2,750 sqft penthouse with four bedrooms and a rooftop, offering views of Victoria Harbour. The property sold for HK$50 million. Another 1,981 sqft flat at Dynasty Court, offering city views, was sold for HK$23.8 million. 'We don't see a lot of properties up for sale at Dynasty Court,' said Victor Chong, assistant associate director of Midland Realty. 'And we believe there is a lot of room in the upside potential of the developments here.' Mr Chong said a lot of owners were holding on to their properties, expecting the prices offered to go up, but overall the prices were still short of the levels they were in 2007. The wait-and-see approach is also being taken by the owners of Royal Court, on Kennedy Road in Mid-Levels, and built in 1989. Buyers are fond of this part of the district, one of the oldest on the island. Midland Realty handled three transactions last month for the development which consists of two-bedroom and three-bedroom flats, ranging from 1,100 to 1,400 sqft. One 1,428 sqft flat went for HK$15.9 million. Another flat of the same size was sold for HK$17 million. Mr Chong said continuous development catering for the high-end at Kowloon's Elements mall had not had any discernible impact on demand for luxury properties in Mid-Levels. He said Elements had attracted a great deal of attention from investors through a series of well publicised campaigns on the mainland, whereas many Mid-Levels properties catered for investors who preferred the more spacious layout of these older flats. He added that buyers of these properties had taken into consideration that they might have to renovate the flats themselves, which formed part of their appeal. Most buyers of the two developments are also end-users. Both Dynasty Court and Royal Court offer reasonable rental yields: Dynasty Court provides 3.5 per cent to 3.7 per cent and Royal Court provides 3.5 per cent to 4per cent, according to Midland Realty.