As 209 sq ft Pok Fu Lam flat sells for HK$7.86 million, any wonder why one in four Hongkongers can’t ever afford a home?
A 209 sq ft unit was sold for HK$37,651 per square foot, setting a record for the micro-apartments in the city
An apartment unit slightly bigger than a standard shipping container sold in Hong Kong for HK$7.86 million (US$1 million) this week, as a survey showed one in four residents in the world’s most expensive city said they do not ever hope to afford owning a home in their lifetime.
The 209-sq ft flat at the Pok Fu Lam neighbourhood on Hong Kong Island sold for HK$37,651 per square foot, a record price for so-called micro-apartments in the city.
Kowloon Development, a mid-sized builder, said it had sold 60 per cent of the 350 units at the 63 Pok Fu Lam project, including 11 units ranging from 209 sq ft to 310 sq ft, with prices up to HK$11.29 million.
Data that shows 27 per cent of Hongkongers do not ever expect to afford owning a home “definitely deserves everyone’s attention,” said Nerida Conisbee, chief economist of REA Group, a digital advertising firm that specialises in property. The REA survey of 1,003 respondents carried out by Nielsen showed that another 16 per cent of people have no plan to buy property at all because prices are beyond their reach.
Home prices in Hong Kong rose for the 22nd consecutive month in January, with the price index soaring to a record 357.5, according to the Rating and Valuation Department.
Compare the average housing price with the city’s median salary of HK$17,200 per month, the average Hong Kong wage earner needs 30 years’ worth of monthly income to afford a HK$6 million property, Conisbee said.