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The median property price in Hong Kong is $4.02 million (Hong Kong dollars, the same below). On average, each family does not eat or drink for 14.9 years before they can buy a flat. Even in the face of the present low-interest environment, the average monthly contribution still accounts for 65% of their income. At the same time, the living space of the new building in Hong Kong is the smallest in the world, with an average of less than 500 square feet (46.5 square meters).
Demographia released the 2014 International Housing affordability Survey on the 21st, the tenth similar annual report, and Hong Kong has topped the list for four years in a row. Chinese mainland is not included in the report, which covers 360 cities in nine countries and regions, including the United States, Australia, the United Kingdom, Canada, Hong Kong, Ireland, Japan, New Zealand and Singapore.
According to the evaluation methods of the World Bank and the United Nations, the report calculates the multiple of the median house price to the median annual household income as an indicator of housing affordability and distinguishes four grades at the same time. The house price-to-income ratio must be less than 3 times before it belongs to the “affordable” level of the average family. 3.1-4 times is “slightly more than the burden”, 4.1-5 times is “seriously unaffordable”, and more than 5 times is “extremely unaffordable”.
According to the report, according to the data for the third quarter of 2013, the median annual household income in Hong Kong was 270000 yuan, while the median property price was 4.024 million yuan, that is, property prices accounted for 14.9 times of the median annual household income, up from 13.5 times last year. At the same time, it hit a 10-year high in the company’s survey. Hong Kong was closely followed by Vancouver and San Francisco, with ratios of 10.3 and 9.4 respectively.
The agency also pointed out that although property prices in Hong Kong are very high, the living area in Hong Kong is the smallest in the world, with an average area of less than 500sq ft per new flat, which is about 2500 sq ft compared with that of the United States, with only one pound per unit. It is also nearly half less than neighboring Singapore. The survey also quoted the study as saying that land restrictions in Hong Kong have pushed up property prices, making the current burden level nearly three times higher than that of neighbouring Singapore and at least three times higher than that of places such as Tokyo and Osaka.
