Hong Kong’s property market is sky high
Hong Kong has topped the most expensive lists for the best part of the last decade, especially when it comes to the property market, with both rent and purchase prices incredibly high. Luxury properties are there for the super-rich but, because of the sheer number of people in the city, even small apartments are becoming unaffordable to ordinary people.
In November 2017, a four-bedroom house set a new Asian record for price per square foot. In the Mount Nicholson development in the Peak district, the home sold for around $AU208 million, working out at $AU22,830 per square foot. Incredibly high, even though it did offer unobstructed views of Hong Kong and Victoria Harbour.
A view Comes with a price tag
For renters as well as buyers, the most sought-after, and thus pricey, location in the city is the Peak. It’s the highest point on Hong Kong Island, which comes with cooling maritime breezes and city views. But you can expect to spend three or four times the amount you would on rent in London, for example.
The rise of the tower block
It's not just the super-wealthy who want to live in the city. There are still plenty of locals too, so how do they manage? High rises are the most common form of accommodation, but can be cramped and overcrowded, and landlords regularly take advantage of the situation.
Living on top of each other
Even regular apartments are generally very small, particularly in the popular central areas. You can expect a small balcony, but often the view is simply of your neighbours. For the most part, residents are used to close contact and small spaces, so they're adaptable when it comes to new forms of living.