Hong Kong Real Estate Becoming Smaller and Even More Expensive

Hong_Kong_Night_Skyline

Already the least affordable real estate market in the world, with median house 19.4 times higher than the median income, Hong Kong’s new condos are shrinking as prices continue to soar.

And the incredibly high cost of living spaces in the city is leading young professionals to rent “nano-flats” or rooms in co-shares, with as many as seven other roommates.

In recent years, property prices in Hong Kong have leaped thanks to the constant stream of many being poured in from wealthy investors and developers from mainland China.

And Hong Kong residents are increasingly struggling to buy or rent condos in the city.

This has led condo developers to build smaller and smaller spaces to make renting more affordable for a wider audience.

To meet the out of hand housing challenge facing the city, the Hong Kong government is considering developing parks, building artificial islands, and transforming shipping containers into homes.

Read the full story here.

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