The average price of a home in Hong Kong in 2007 was $196,000. The average price of a property in Hong Kong in 2014 was $488,000. That means prices have risen 154% in just seven years.
One of the primary causes for this massive increase is Hong Kong's restricted quantity of land. Because the population is always rising, there is more demand for housing than there is availability.Another factor contributing to the high pricing is that Hong Kong is a very desired place to reside.
It is a safe, clean, and efficient city with a wonderful way of life. It is also quite close to China, a fast expanding economy.Many residents in Hong Kong are affected by the city's exorbitant housing prices.
People are finding it increasingly difficult to afford a place to live. The government is attempting to address the issue by constructing more public housing, but it is a challenging undertaking.