Hong Kong has been ranked the world’s least affordable city to buy a home in for the seventh year running, with flats costing more than 18 times the annual median income, according to a 2017 survey by American research institution Demographia.
With such high rents, demand for public housing is high. There were more than 150,000 applications for public housing at the end of June, and an average wait of 4.7 years.
And with the city’s 7.4 million population set to grow by 390,000 by 2043 according to government statistics, demand seems unlikely to decrease any time soon.
Last week the Development Bureau in Hong Kong announced an initiative for cargo container homes, aimed at easing Hong Kong’s housing crisis through the temporary solution of prefabricated homes, from as early as next year.
These homes will be literally container homes. Only 194 sq feet in size with bare minimum space for a bathroom. When these container homes are in place, monthly rent is expected to range from US$1000 to US$1500.
It is no surprise that recent surveys indicate a strong increase in interest of Hong Kong people over overseas real estate!