Overheated housing market of special administrative center of China has led to the fact that housing has become unaffordable for ordinary citizens. According to the forecasts of the Royal Institute of appraisers (RICS), this trend will continue for 20 years.
According to the conclusions of experts, within the next five to 10 years, the Hong Kong authorities must annually allocate as much land, so they could build 22,000 housing units. Currently, however, the amount allocated each year is enough land for building a 18,500 objects, says Property Wire.
Specialists RICS urge Hong Kong authorities to produce regular monitoring of people's needs in housing, so on the basis of the data to generalize about what types of housing should be built.
Recall that analysts have recently recognized the company Savills residential property in Hong Kong the most expensive in the world. According to Savills, the high housing prices in Hong Kong are due to record-low interest rates on loans, the lack of new supply and the influx of buyers from mainland China. Since the beginning of 2009, the average cost of housing in the special administrative center of China grew by more than 55%.