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Why Is Housing In Hong Kong So Expensive? | So Expensive - YouTube
Channel: Business Insider
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hong kong is the most expensive city in
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the world
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to find a place to live
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[Music]
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but while many of the apartments sit
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here empty as investments rather than
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homes
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how why chit struggles to afford his 30
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square foot
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box that's a fourth
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the size of a parking space
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the average rent in the city is nearly
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twice that of london
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and sales prices seem to have no limit
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a penthouse in this building set the
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record for the most expensive apartment
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in asia per square foot
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when it sold in february
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so what's the impact on the population
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and
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why is hong kong so expensive
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how why chit pays 360 us dollars a month
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to share an apartment with 18 other
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people
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this is an upgrade
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his old apartment was so small he
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couldn't stand up
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here
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more than 200 000 people live in these
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subdivided apartments known as
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coffin homes
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these coffin homes are controversial but
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the government struggles to stop prices
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from rising
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that's partly because only a small
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fraction of hong kong's land is
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developed
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can you guess how much land we have used
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for our build up area
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less than one quarter of hong kong's
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land is built out
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and only 3.7 percent is zoned for
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high-density urban living
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you can argue that it's more like an
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artificial shortage
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it's all rooted in hong kong's colonial
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past
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it was designed to be a low-tax
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business-friendly hub and that model
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continues today
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until 1947 only expatriates were allowed
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to live on the hills overlooking hong
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kong
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[Music]
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but now it's home to billionaires and
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business moguls
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the government owns the vast majority of
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land in the city and sells long-term
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leases for private use
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through auctions the sales from those
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auctions
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continue to set records in february
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the 1.25 acres of land with these two
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buildings
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sold for 935 million dollars
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unfortunately in our city housing has
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been seen as a commodity
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and people bite it up um you know and
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and try to use it as an investment tool
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for multi-millionaires in hong kong 78
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of their assets are in property alone
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it highlights a problem for cities
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around the world as real estate has
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become
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a store for wealth the average space per
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person in hong kong is less than
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half of what it is in new york city yet
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hong kongers pay almost four times as
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much for property as new yorkers
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housing prices have been so high that
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it's really beyond the
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affordable threshold of many families
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here's what 1.9 million dollars can get
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you in hong kong
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okay please come on in with a sliding
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door so
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you can shut it if you like for the
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privacy
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this kitchen is really like fun to know
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walking wardrobe
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this is the bathroom with a standing
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shower
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i would say is quite
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efficiently done this apartment may not
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seem like much
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but each square foot is worth over four
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thousand dollars
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granted it does have an amazing patio
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purchase prices have stabilized recently
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due to new policies political unrest
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and the global pandemic before that
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properties more than tripled in value in
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just 12 years
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on average a hong konger would need to
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save their full salary for 20 years in
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order to buy a home at these prices
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renting is the only option for many
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giannis hui's rent is 640 dollars per
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month for 120 square feet
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it's the most private space she's ever
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had
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she's part of what's known as the
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sandwich class she makes too much money
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for public housing
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but can't afford to buy
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some in hong kong want to develop unused
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industrial areas in the new territories
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known as brownfields but the government
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went a different way and proposed
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developing a series of artificial
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islands built from reclaimed land called
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lantau tomorrow vision it's not a good
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solution it's not a sustainable solution
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the project has drawn criticism from
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environmental groups and almost
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half of hong kongers object to the
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development
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while the government is building up the
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brownfield sites only 27 acres would be
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used for public housing
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the solution should be a properly
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strategically
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ecologically planned new territories and
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not
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another reclamation but for many
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residents in hong kong
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improvements can be measured in just
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centimeters
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[Music]
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foreign
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[Music]
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you
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