Monday, 22 January 2018

Hong Kong Takes Title for Least Affordable Housing for 8th Year

Bali News and Views Editor's Comments:
Editor Lawrence dictating newsletter in Macau several years ago
I call Hong Kong real estate "the bitcoin of the real estate industry" because it doesn't make any sense.

It just keeps on going up and up and up because of the huge amount of money from China wanting to have a peace of this small Island.

Someday it will crash but I for one will not predict when.
Bloomberg News
January 22, 2018, 3:27 PM GMT+8
City takes top spot in annual Demographia affordability survey
Study looks at 293 metropolitan markets in nine countries

Hong Kong was named the least affordable housing market for the eighth year in a study that put Sydney in the No. 2 slot and Vancouver as No. 3.

The median price of a home in Hong Kong is 19.4 times the median annual pre-tax household income, up from 18.1 times in the previous study by Demographia, an urban planning policy consultancy.

Cooling measures have failed to tame Hong Kong’s housing, with prices more than double the 1997 levels preceding a crash that obliterated two-thirds of value. Academic research indicates that the city’s home prices have been driven higher by rules restricting land use, Demographia said.

The study took in 293 metropolitan housing markets across nine countries, including Ireland, Japan, New Zealand, Singapore, the United Kingdom and the United States. Twenty-eight major housing markets were classed as “severely unaffordable,” with locations in California taking six of the top 10 slots.

The data came from the third quarter of last year.

— With assistance by Paul Panckhurst

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