As Hong Kong’s population grows steadily, living spaces continue to get smaller and smaller. Even though the government has made efforts to lower property prices, as demand rises, realtors are able to charge exorbitant amounts for even the tiniest of tiny places.
According to government data, the average prices of residential property, especially for small apartments, have been increasing since 2009, and are rising much faster than incomes. In fact, frustration over skyrocketing housing costs in Hong Kong is one of the reasons Hong Kongers took to the streets to protest during last year’s Umbrella Movement.
In a new video, The Wall Street Journal compares apartments from a development called High Place to basketball courts and parking spots in the US, showing just how ridiculously unaffordable real estate in Hong Kong can be, even for the most cramped living spaces.
Watch the video here:
What will $517,000 buy you in Hong Kong real estate?
Posted by The Wall Street Journal on Wednesday, June 3, 2015
By Sharon Choi