Macro interpretation
Written by: Deng Huilin
2020-06-08 18:57
Date of last update: 2020-06-08 19:01The cost of living in Hong Kong is high, and the cost of living is unmatched in the world. CB Richard Ellis released the "2020 Global Living Report", which analyzes the housing market data and development trends in 39 key cities around the world. The report shows that half of the top ten cities with the highest residential prices in the world in 2019 are located in Asia, and Hong Kong won the "Global Housing Price" "Highest City" list. Singapore ranked third, while Shanghai, Shenzhen and Beijing ranked fourth, fifth and sixth respectively.
CBRE said that half of Asia’s top ten cities with the highest house prices are in Asia. (Provided by CB Richard Ellis)
Hong Kong property prices rise 5% in 2019
According to the report, based on the 2019 data, although Hong Kong's economy is facing a recession, property prices have risen without falling, rising by nearly 5%, while the overall residential transaction volume has fallen by 3%. In terms of residential prices, Hong Kong continues to rank first in the world with an average residential price of 1.254 million yuan (US$‧ the same below) (about 9.781 million Hong Kong dollars); the second place is the German city of Munich, with an average residential price of 1 million yuan ( (About 7.8 million Hong Kong dollars); Singapore ranked third with 915,000 yuan (7.137 million Hong Kong dollars).
So what is the choice of first-hand new flat units near the core business districts such as Central, with a budget of $10 million? With reference to the recent new selling price, Emperor International (0163) located at the Moro Temple Street, Sheung Wan, Mid-levels, the middle-level B room, the 311-square-foot one-bedroom unit, the discounted price ranges from 9.6 to 9.9 million yuan. Just in line with the average residential selling price mentioned in the report. The budget of 10 million yuan can only start with smaller units.
10 million yuan can be bought into the one-family household in Room B, Middle Floor, Banshan Bay. (Profile picture)
Hong Kong ranks third in the world's most expensive residential rental market
Since it is expensive to enter the market, renting a house becomes another option. Although Hong Kong is not the world's most expensive city for residential rents, it is still within the top three. The report points out that New York is the city with the most expensive residential rents in the world, ranking first with an average monthly rent of 2,870 yuan (HK$22,386); Abu Dhabi ranked second with 2,838 yuan (HK$22,136); Hong Kong ranked second with 2,682 yuan (HK$20,919) The average rent is third. Four of the top ten most expensive cities for rent are in the Middle East, mainly supported by foreign tenants.
The report also pointed out that 31 of the 39 major cities in the world recorded an increase in residential prices, but the average increase was only about half of the increase in 2018, indicating that the growth of residential prices has slowed down, reflecting the implementation of various Cooling measures to protect the affordability of citizens.
Hong Kong continues to be the most expensive city in the world
In addition to housing-related prices, the Global Living Report also analyzes and surveys daily consumption data. For example, the average price of a cup of coffee in Hong Kong is about 4.63 yuan, ranking fourth in the "most expensive coffee list" and the first The price difference in Dubai is only 35 cents. On the contrary, the mid-range restaurant in Hong Kong costs about 51.33 yuan for two people. It is ranked 22nd in the ranking and New York (90 yuan) at the top of the list, which is 75% more expensive than Hong Kong.
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