20 April 2010 - The South China Morning Post reports today that Hong Kong homes are the least affordable among the world's major cities and are rapidly becoming even less affordable. A related survey found that people pay on average more than 10x their annual income to buy a flat, the most of 272 metropolitan cities surveyed. It has now become "severely unaffordable" to buy a flat in Hong Kong, together with London, New York and Sydney.
I feel sorry for all those young people who want to start families and are forced to stay living in the backroom with mom and dad, and for all those hard-working people who cannot afford their own home. A lot of flats are up for speculation and it seems that speculation has spread from luxury homes to cheaper flats in the New Territories. The worst thing is that the lucky few ones who are able to get their hands on a flat, may find themselves in a a home that is considerably smaller than present in the glossy brochures, or - as was recently revealed - even smaller than the "show flats". Maybe its time for the bubble to burst again ...
I feel sorry for all those young people who want to start families and are forced to stay living in the backroom with mom and dad, and for all those hard-working people who cannot afford their own home. A lot of flats are up for speculation and it seems that speculation has spread from luxury homes to cheaper flats in the New Territories. The worst thing is that the lucky few ones who are able to get their hands on a flat, may find themselves in a a home that is considerably smaller than present in the glossy brochures, or - as was recently revealed - even smaller than the "show flats". Maybe its time for the bubble to burst again ...
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