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Why Is Housing In Hong Kong So Expensive?

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Hong Kong has the most expensive housing market in the world. Rent is so high many can only afford to live in subdivided apartments known as “coffin homes.” But the problem isn’t land scarcity.

One reply on “Why Is Housing In Hong Kong So Expensive?”

This is out of date. Prices have risen driven up by speculative mainland money buying up a finite land pool.

I did some math recently. A couple on minimum wage in full time employment could afford a mortgage to buy only 43 sqft. Deducting common areas like the lift lobby and part of a corridor to access said space, that works out too small to pitch a one man tent, without guy lines. It’s simply unaffordable. I personally have about 2,400 sqft in a wealthy neighbourhood, thoroughly middle class elsewhere, but I could sell it and buy a huge mansion in a US city.

The policy of making the poor suffer was started by the British who wanted to give people incentive to work hard, but there were solid opportunities to go from poor to middle class in one generation with hard work and from middle class to wealthy in your lifetime. Now, these vertical movement opportunities are gone and the poor suffer even more. That also is policy, otherwise too many new mainland poor would want to immigrate.

Today, the dream of the educated Middle class is to own 400sfqt in a sh*tty massive high rise and the dream of the working class is to qualify for government housing paying $327 per month for 600sqft in a sh*ttier massive high rise. The queue for that is 7 years to 17 years depending on immigration status.

The saving grace is very low rental yield of 1% allowing the middle class to rent. The poor are pretty f*cked, though. The rich are fine and getting richer by the year.

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