How do Hong Kong property prices compare to other global cities?
Hong Kong's residential property market is renowned for being one of the most expensive in the world - more so than London and New York.
Homebuyers and investors need to have substantial sums in the bank to afford many of the apartments currently on the market. For HKD 10-12 million (USD 1.28 – 1.54 million) today’s apartment-hunters could get a new, 500 sq ft, 2-bedroom apartment in Kai Tak or Tsuen Wan, or a 700 sq ft, 3-bedroom apartment in an older building in Sai Wan Ho. The facilities at Hong Kong’s newer buildings include a clubhouse, gym and outdoor pool. The city’s older buildings will have fewer facilities but perhaps more spacious layouts and higher ceilings.
Ingrid Cheh, Associate Director, Hong Kong Research, says: “With a budget of HKD 10-12 million, you would only be able to buy a basic, mass residential unit with a maximum of two bedrooms in a fringe central location in Hong Kong. Yet this is what less than half of the households in Hong Kong can afford. With prices now at record high levels, developers are resorting to building increasingly small units to keep lump sums affordable.”
In contrast, the same budget (USD1.28 – 1.54 million) goes significantly further in some of the other big global cities – even those where luxury apartments come with sizeable price tags such as London, New York and Tokyo.
So how do the hottest property markets overseas measure up to Hong Kong’s in terms of price range, size and facilities? View the slideshow to find out: