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A houseboat presents a romantic alternative to Hong Kong's high-rise apartment living, but is it a financially savvy move?

Hong Kong, with its abundance of islands, has a long history of floating communities. The Tanka have been living aboard junks in local waters since the 7th century. Nowadays, modern houseboats and yachts - sometimes referred to as "floating flats" - can be glimpsed around Aberdeen, Gold Coast, Sai Kung and Discovery Bay. However, locals who cast off dry land say their lifestyle comes at a cost.

"Living on a boat is great," says Bob Sears, a Hong Kong resident and boat-owning veteran of liveaboards locally and in Macau. "It really is very nice but it's not necessarily a cheap option." Houseboats depreciate gradually compared to other fixed assets, such that they tend to hold their value over time. In 2004, Sears built his own 60-metre wooden boat in Vietnam with room for eight people to sleep. It took about US$100,000 to build and he has now put it on the market for that same price.

Houseboats typically range in price between HK$1 million and HK$6 million, depending on the size and age of the vessel, and whether it comes with a moorage.

For example, a 600 square foot two-bedroom one-bath boat berthed at the Aberdeen Marina Club is currently advertised for HK$1.2 million, or HK$24,000 a month rent. Over in Discovery Bay, a favourite of families because of its direct walk-up access to the pier, a 2,600 sq ft four-bedroom two-bath ship is going for HK$6 million, or a monthly rental of HK$60,000. When weighing up the prices of houseboats, it is important to consider whether the vessel comes with a berthing slot. Usage rights are complex, as boat owners typically secure a dockside slot under a special class of membership at a local yacht club requiring a debenture. These structures give the boat owner the right to lease a moorage, although the berth remains the property of the Hong Kong government.

Marine industry experts say these berths typically trade at a premium that reflects the acute demand for dockside space in Hong Kong.