Hong Kong’s property market

A parking place in Hong Kong was just sold for nearly $1 million, making it the most expensive parking spot on earth.  The parking bay at The Center, a 73-story Hong Kong office tower that held the 2018 world record as the costliest commercial building ever sold, changed hands recently for HK$7.6 million ($969,000).  Johnny Cheung Shun-yee, one of the 10 investors in the consortium that paid $5.15 billion last year for The Center, told the South China Morning Post that he had sold the last of his four car parks in the tower to someone who owns an office in the same building. “The buyer now needs a car park lot,” Cheung said. He declined to identify the person.  The transaction was made duri

21 years: how long a typical family in Hong Kong would have to save up – without spending a penny – to afford an average home in the city. Hong Kong has been ranked as the world’s least affordable housing market since 2010, according to a global study by Demographia. For the cost of a modest Hong Kong apartment – or a parking space in an exclusive neighborhood – you can buy a French château. The report found housing in Vancouver to be the second-least affordable, with median home prices costing 12.6 times the median yearly household income. The most unaffordable metropolitan areas in the United States are San Jose, Los Angeles and San Francisco, according to the report. The report calls hous