Social News
Written by: Chen Jiahui
2020-09-12 07:45
Last update date: 2020-09-12 07:45
Home ownership schemes officially accept applications on the 10th of this month (Last Thursday). The four housing estates on sale in this phase include Kai Cheung Court in Diamond Hill, Choi Wo Court in Fo Tan, Kam Chun Court in Ma On Shan and Lai Court in Fanling Shan, at market price of 59 The sale price is between 1.23 million and 5.13 million yuan. Compared with the private market, HOS is the only opportunity for many citizens to buy property and get a car.
The original intention of HOS flats is to allow people who cannot afford private housing to buy their own homes at prices below the market. However, HOS flats are becoming more and more difficult to afford, and the ratio of the price of HOS flats to the monthly income of the people is rising.
From 1985 to 1999, the car price for the most affordable flat in each phase was equivalent to 48 months' salary (about four years' salary), but in 2014, the re-sale of the HOS flats rose to an average of 81.7 months' salary (about six years' salary). .
As a matter of fact, the artificial increase far lags behind the increase in HOS housing prices. Between 1985 and 2019, the average price of HOS flats soared by 18 times, while the artificial increase was only 6.5 times during the same period.
▼The real view of the four major housing estates of the new homes▼
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"Hong Kong 01" compares the price-to-income ratio of the HOS sale plan (including resale) over the past 30 years (calculation method: HOS car price for the year / median individual monthly income for the year), and found that The burden is getting heavier and heavier; the ratio has risen from an average of 48 times before the government stopped selling HOS flats from the 1990s to 2002. It can also be understood that it has risen to an average of 81.7 times after the re-sale in 2014 to 2019.
The lowest ratio was 21.9 times in 1997 and the highest was 96.6 times in 2016 (see the figure below for details).
Although in the past, due to the characteristics of housing estates, the car prices were too high or too low. For example, in 2002, all the large flats above 650 square feet were sold, and in 2013 they were more expensive for resale and repurchase of flats. , And in 2010, the price was lower due to the redevelopment of public housing units in Tai O, etc. However, overall, the price of HOS flats rose faster than the income of citizens, and the ratio of property prices to income showed an overall upward trend.
↓Look at the changes in the price of HOS flats over the years↓
The first phase of HOS housing with the highest ratio of property price to income was in 2016. In that year, Ping Yan Court in Yuen Long required at least 1.497 million yuan for a small unit on the car market. In the same period, the median individual monthly income was 15,500 yuan. The ratio of property price to income was close. 97 times (about eight years salary).
Before the price reduction, the 2018 Tung Chung Yu Tai Court boarding plate sold for nearly $1.6 million.
Based on the median monthly income of RMB 18,000 at the time, the property price-to-income ratio was as high as 88 times. Later, the government introduced a new pricing mechanism that reduced the price of HOS flats from the market price of 30% to 52%. Reduced to 66 times.
As a matter of fact, the artificial increase far lags behind the increase in the price of HOS flats. Between 1985 and 2019, the price of HOS flats soared by 18 times, while the artificial increase was only 6.5 times during the same period.
In recent years, the value of private housing has been like flying a helicopter, while the pricing of HOS flats is like a discount on the price of private housing. If the discount rate is not adjusted, it will be difficult for more people to afford HOS flats.
Therefore, it is really necessary to get on the bus as early as possible. In the early days, the small units with a starting price of less than 100,000 yuan have now risen several times to more than 4 million yuan.
Take Hong Kong’s first-generation home ownership housing unit, which is more than 440 square feet in Shun Wing House, Shun Chi Court, for example. The first sale price is over 80,000 yuan. In September 2019, the latest book transaction price has risen to 4.38 million yuan, an increase of more than 53 times. .
At this price, you can buy a large unit of 631 square feet in the middle of Kai Lok Court in Cheung Sha Wan.
Hong Kong has become the "Most Painful City" for 10 consecutive years
The ratio of property prices to income is also commonly known as the "pain index." Statistics from Demographia, a real estate research agency, show that Hong Kong has been the world's "most painful" city for 9 consecutive years.
The ratio of the property price to the median household income in 2020 is 20.8, which means that a family needs not to spend 20.8 years to buy a medium-priced private housing unit.
In contrast, the ratio of the housing price to the annual household income in 2018 was 8, which is about one-third of that of a private property. When buying a home is an "impossible task" for many people, No wonder people have to choose HOS flats.
▼Sales brochure, compartment and building model▼
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01Data HOS 2020
