There’s no way I could buy a home in my birthplace just across the straits, unless my income exponentially increases significantly. Always famous for its expensive real estate, Hong Kong’s property prices have become even steeper lately, having risen an average of 18% since 1983. Not only are home prices expensive, but the homes are small as well, even more so than Taipei, with apartments even being subdivided to house families. The WSJ has 2 articles that looked at Hong Kong’s high property prices, which has even earned them criticism from China, and it seems even the upper classes are finding it hard to afford new homes. There is actually faint reason for optimism for the future with the government there taking some financial measures and admitting it needed to build more private flats. Rich Chinese buyers have been blamed for buying up hugely expensive properties, which critics for some reason and maybe for no other good one other than Chinaphobia, say pushes up the prices of real estate significantly. Yes, I suppose so, besides the fact that the amount of residential land is limited, developers put a lot of priority into building expensive homes rather than affordable and public housing, and that Hong Kongers themselves have been buying up homes as investment. Whatever and whoever is to blame, I really hope things improve by the time I’m ready to move there.
Hong Kong’s unaffordable housing