2024-07-25 Squarefoot Editor
Hong Kong's median home price has soared to over US$1.1 million (HK$8.58 million), making it 25.1 times the median annual household income and ranking it among the top four least affordable cities in the Asia-Pacific region, according to a report by the Urban Land Institute. The city stands behind Shenzhen, which leads with a ratio of 32.3, followed by Beijing and Ho Chi Minh City at 28.7 and 25.3 times, respectively, with Metro Manila closely trailing at 25.0 times.
The report attributes the affordability gap in these cities to rapid urbanization and significant population growth. In Hong Kong, the population increased by a net of 170,000 last year, with approximately 80% originating from the mainland, spurred by the government's Top Talent Pass Scheme.
Hong Kong retains its position as the most expensive housing market in 2023, with a staggering median home price of over US$18,000 per square meter. Moreover, the average home size in Hong Kong is the smallest among developed economies in the region, standing at just 50 square meters.
The inventory of unsold homes in Hong Kong is sufficient for two-and-a-half years of consumption, despite a drop in the supply of new private homes to 14,000, from 23,000 unsold units at the end of the previous year, indicating a surplus.
In development news, the Buildings Department approved 15 new plans in March, including projects on Hong Kong Island, Kowloon, and the New Territories. Notably, CK Asset (1113) received approval for a 38-floor residential apartment development in Sai Ying Pun, featuring a gross floor area of 111,746 square feet and a non-residential area of 17,340 square feet.
Additionally, Wheelock Properties is set to launch sales of 154 flats at Park Seasons in Lohas Park. These units are priced from HK$4.55 million to HK$7.78 million, averaging HK$14,997 per square foot after discounts. This pricing is slightly lower than the previous batch of 168 flats, which averaged HK$15,039 per square foot. The most affordable option is a 322-square-foot one-bedroom unit priced at HK$4.55 million, or HK$14,118 per square foot, while the lowest price per square foot is offered by a two-bedroom unit measuring 453 square feet, priced at HK$6.35 million or HK$14,018 per square foot.
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| Property Type | Price | Ads Period |
|---|---|---|
| For Sale Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:90 Days |
Golden Top Listing Higher position than Normal listing 2-3times better performance | HKD: 3000 (or Hsemoney:3000) | Valid: 60 Days |
| Rental Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:80 Days |
Golden Top Listing Higher position than Normal listing 2-3times better performance | HKD: 3000 (or Hsemoney:3000) | Valid: 60 Days |