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Pearl Liu

Hong Kong has been ranked as the world’s least affordable housing market for a ninth consecutive year in a global survey released today.
A family would on average need to save up for 21 years without spending a single dollar to afford a home in the city, according to the Demographia International Housing Affordability Study.
That is the longest saving period in the study’s history and beats the previous record of 19.4 years set by Hong Kong in 2017.
Demographia categorised Hong Kong as “severely unaffordable”.
In second place was Vancouver with a home-price to median-income ratio of 12.6, meaning it would take an average of 12.6 years to save enough money for a house.




A family in Singapore needs to save for 4.6 years to buy a home while in the US that period is 3.9 years.
Although house prices look more than likely to come down in price this year, the odds the city will lose its dubious title of “world’s most expensive city” look slim, according to analysts.
“Sadly, Hong Kong is far ahead of other cities in the rankings, which is nothing to be proud of,” said Alvin Cheung Chi-wai, associate director at Prudential Brokerage.
“A correction is happening, but a 10 to 20 per cent drop is the biggest we can expect and that would just bring prices back to the level we saw at the beginning of 2018.”
Discounts are the order of the day for Hong Kong’s property developers to clear their stock, as prices trend downward
The city’s builders started offering discounts on new projects recently as a combination of government policies, higher mortgage rates and new supply pushed the residential market to a tipping point.
“We’ve seen developers, one after another, offering so-called ‘cheap prices’, in a move to unload their inventories,” said Raymond Cheng, head of Hong Kong and China research at CGS-CIMB Securities.
At the weekend, Sun Hung Kai Properties, Hong Kong’s biggest developer, enticed buyers to its Downtown 38 apartment complex in Ma Tau Kok, by cutting prices by half compared with a similar project in the same neighbourhood.
And mainland builder China Overseas Land and Investment set prices a third lower than neighbouring projects to drum up sales at The Regent in Tai Po.
Sino Land was the first of the city’s developers to offer steep discounts, selling its Grand Central project in East Kowloon at a 14 per cent discount in mid-December as the market cooled.


Prices of Hong Kong’s lived-in homes have fallen 7.2 per cent in the past four months, according to data from the government’s Rating and Valuation Department, after a 28-month rally ended in July.
Cheng expected that in the coming 12 months, home prices would drop by another 10 per cent.
It gives struggling buyers a window of opportunity to get on the property ladder, but still home prices are far beyond most people’s affordability.


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Hong Kong property

Hong Kong tops the table as world’s most expensive housing market for 9th straight year

Prices of Hong Kong’s lived-in homes have fallen 7.2 per cent in the past four months. Photo: AFP

2018, Hong Kong’s second-best year for property sales at US$93 billion, ended with a whimper in December

The Central Horizon development by Billion Development and Project Management in Tai Po. The area, in Hong Kong’s New Territories, could be the next battleground for developers looking to attract buyers. Photo: Handout

A Hong Kong property agent finds a hidden gem inside an ordinary looking complex

Mid-Levels flat of Claire Price, designed by Damienne Joly, photographed by John Butlin

Claire Price main bathroom

Claire Price’s Mid-Levels home, designed by Damienne Joly. Picture: John Butlin. Styling: Aviva Duncan. Photo assistant: Timothy Tsang

Claire Price's flat in Mid levels

Originally two dark and dreary flats, Claire Price’s Mid-Levels home was transformed with the help of architect Damienne Joly into an attractive apartment that is full of character. Photography and video: John Butlin.

As property prices in Hong Kong fall, public support for the government will rise

The latest data from the Rating and Valuation Department shows the local property market is facing downward pressure. Photo: AFP

Hong Kong property investors seek to lock-in gains as 20 per cent price drop spurs concerns on outlook

A group of Residence Bel-Air flat owners complain about mis-management by the owners' committee. Picture taken at Cyberport. 11FEB14

Prices in Kingswood Villas in Tin Shui Wai have fallen by more than 20 per cent from their highs in July. Photo: SCMP

Hong Kong government must be ready to act on property market

The Hong Kong government has rolled out new measures to increase supply and make flats more affordable to locals. Photo: Edward Wong

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It would take on average 21 years to save enough money to buy a home in the city, according to the Demographia International Housing Affordability Study
In second place is Vancouver where it would take an average of 12.6 years to get on the property ladder


It would take on average 21 years to save enough money to buy a home in the city, according to the Demographia International Housing Affordability Study.


Hong Kong housing

Hong Kong tops the table as world’s most expensive housing market for 9th straight year

It would take on average 21 years to save enough money to buy a home in the city, according to the Demographia International Housing Affordability Study In second place is Vancouver where it would take an average of 12.6 years to get on the property ladder

It would take on average 21 years to save enough money to buy a home in the city, according to the Demographia International Housing Affordability Study

In second place is Vancouver where it would take an average of 12.6 years to get on the property ladder