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While months of Hong Kong protests have scared away tourists, sent jitters across the financial centre and cast a dark cloud over the local economy, there's one thing residents of the city are ...
Below are the top 10 most expensive houses in Hong Kong. Prices (valuation) are based on best estimates in 2023. Prices (valuation) are based on best estimates in 2023. Factors determining prices include location, view, built quality, past transactions, media reports and annual figures published by Rating and Valuation Department of the Government.
Mortgage loans account for 25-30% of bank loans in Hong Kong. [1] Land ownership and land restrictions by the government risk inefficiencies with housing supply and demand. In 1998 there was a property price collapse; from 1997 to 2003 Hong Kong residential property prices fell by 61% [5] following the Asian economic crisis.
A CBRE report from 2019 lists Hong Kong as having the highest average property price in the world. [20] As of June 2021, an average 500 sqft apartment cost HK$9.44 million in Hong Kong Island, HK$8.32 million in Kowloon, and HK$7 million in New Territories; an average family would have to save for about 20.7 years to pay for such a unit. [21]
Since the British colonisation of Hong Kong in 1841 after the First Opium War, Hong Kong has grown from a stony outcrop on the southern coast of China to a territory whose property prices are among the highest in the world. [1] The territory has a land mass of 1,111 km 2 (429 sq mi).
Private housing estate is a term used in Hong Kong for private mass housing—a housing estate built by a private developer, as opposed to a public housing estate built by the Hong Kong Housing Authority or the Hong Kong Housing Society. It is usually characterised by a cluster of high-rise buildings, with its own market or shopping mall.
The insufficient supply of housing in Hong Kong is one of the important forces leading to subdivided units. According to the Grassroots Housing Rental Price Research Report 2011, released by the Society for Communication Organisation, the Hong Kong government's failure to accurately forecast future housing demand is the leading cause of the shortage.
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