Residential real estate market in Hong Kong is the most expensive in the world. About this with reference to the study of the British company Savills reports Bloomberg.
Analysts say that since the beginning of 2009 to the end of 2010 the cost of housing in Hong Kong increased by 55 percent. Experts attribute this to record low mortgage rates, shortage of supply in the market of new and high demand, especially from Chinese buyers. According to market participants, price growth will continue in 2011.
According to the company Demographia, early in the fourth quarter of last year, the average cost of home ownership in Hong Kong amounted to 331 thousand dollars.
Demographia experts point out that Hong Kong is the most overvalued housing market in the English speaking world. Annual household income is on average 11.4 times less than that required to purchase a home. The most affordable housing is located in Atlanta (USA). The cost of housing there is an average of 2.3 annual family income.