Research Institute
Written by: Number Instein
2021-03-09 12:30
Last update date: 2021-03-09 12:30
First look at the current income distribution of property owners in Hong Kong
Housing has always been the core issue in Hong Kong.
According to information from the Legislative Council, half of Hong Kong’s self-owned property households earn a monthly income of 30,000 yuan or more. The key problem is that the income of the citizens cannot keep up with property prices.
Comparing property prices with local labor increases, the labor growth rate has consistently outperformed property prices from 1999 to 2007. However, since 2008, property prices have outperformed the labor growth rate for a long time, and the gap has been widening, making it more and more difficult for people to get a car and buy a home. The main obstacle.
Property prices in Hong Kong have soared nearly four times in 15 years, and in the face of slowing income and huge pressure on contributions, the proportion of homeowners under the age of 35 has fallen to 7.6%.
At the same time, 66% of the 1.2 million homeowners who own homes in Hong Kong have already paid off their mortgage loans.
In order to increase housing supply, the 2020 Annual Progress Report of the "Long Term Housing Strategy" pointed out that the target for 2020-2025 is to build 100,000 public housing units.
Faced with the problem of short supply of housing in Hong Kong, many government policies have focused on housing supply and have sought land many times to increase housing supply.
However, according to the Rating and Valuation Department, the completion of private housing in 2019 was 13,640 units, a decrease of 35% compared to last year.
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