Friday, October 30, 2009

Housing in Hong Kong

The median household income in Hong Kong is about HK$16,000 per month. That is about $192,000 per year.

Government data shows the average flat price is 7.6 years of median household income. In comparison, the United Nations standard is 3 years, and the World Bank standard is 4 years - both much lower than the figure in Hong Kong (according to an article in the South China Morning Post today). That means we spend double of our income on buying our flats, compared to other countries.

The data in Hong Kong means an average flat costs $1,459,200. According to property agent Midland Realty, the average flat costs $4,234 per square foot last month. That means the average flat is about 345 square feet. And that is only the nominal, saleable area. The actual usable space is probably 70% of that, which is 241 square feet. If your household has 3 persons in it, then each person gets 80 square feet. In USA, it is 785; Germany - 413; France - 367; Japan - 367; United Kingdom - 354; South Korea - 261; China - 250.

We Hong Kong people think that ours is a developed society, that we are as rich as most other countries in the world. But much of our wealth is virtual, locked up in the value of our flats. it is not really something that we can enjoy, except as self-deception in our heads, inflating our egos. We are really quite miserable in the way we live, the quality of our living. The people who are really rich are the land owners and real estate developers.

1 comment:

田园树 said...