The boom in the housing market in Hong Kong

21.04.2011 00:01
Articles about real estate | The boom in the housing market in Hong Kong Housing prices in Hong Kong reached a maximum level for the past decade. However, the housing boom in the local market very few people happy.

Today in Hong Kong can literally feel and hear that same boom. Noise from construction work is on the most expensive city streets, which now was referred to as "hot spots" of the market. However, some residents who have been through a boom on a par with millionaires, a housing welfare seems, conversely, decline.

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"We live like in a war zone!" - Shouting building buzz, "says local resident Kathy Lowe. - "The noise is terrible, I do not want to be here long. He is making people crazy. "

Last month, housing prices in Hong Kong reached a peak in the last 13 years. "Prices are rising, but it - only a consequence of changes in exchange rates to the dollar, it means nothing," - says Lowe. - "Even if I'm selling my apartment, I could not buy another in the same area to enjoy its comforts and beautiful views from the window. I have to purchase a house a smaller area, which will be much farther from the center. "

Hong Kong - a city with a very dense buildings. Locals joke that in their boxes, you can see what is eating the tenant next door for breakfast. For every person in Hong Kong has an average of 9 square. m living space.

As for prices in expensive areas, a "modest" flat area about 110 square meters. m in the old building would cost nearly 15 million Hong Kong dollars ($ 1,900,000); apartment in the new house will cost twice as much. Luxury housing in Hong Kong is now 40% more expensive than property on the same level in London, New York or Moscow, according to CNN.

These high prices are fueled by record low interest rates on loans, the activity of speculators and a chronic shortage of housing in the city. Even those who invest in this market, consider the situation absurd. Vendors require too much money for small areas. For example, an apartment of 33 square meters. m on the first floor will cost $ 500 thousand

Nevertheless, about 30% of buildings in Hong Kong, as experts note, bought for investment purposes and is now empty. But very few people willing to pay high rents for such objects. Therefore, investors are holding their "better times".

Content tags: Overseas property
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