A family would on average need to save up for 21 years without spending a single dollar to afford a home in the Hong Kong city, according to the Demographia International Housing Affordability Study.There is a great demand for real estate properties hence in Hong Kong to reduce the rates, and Hong Kong can be a great city hence for real estate Denver co (companies)
That is the longest saving period in the study’s history and beats the previous record of 19.4 years set by Hong Kong in 2017.Its a great news for all estate sales Denver companies.
Demographia categorised Hong Kong as “severely unaffordable”.
In second place was Vancouver with an home-price to median-income ratio of 12.6, meaning it would take an average of 12.6 years to save enough money for a house.
A family in Singapore needs to save for 4.6 years to buy a home, where as for Denver home in the US that period is 3.9 years.
Although prices look more than likely to come down in price this year, the odds the city will lose its dubious title of “world’s most expensive city” look slim, according to analysts.
“Sadly, Hong Kong is far ahead of other cities in the rankings, which is nothing to be proud of,” said Alvin Cheung Chi-wai, associate director at Prudential Brokerage.
“A correction is happening, but a 10 to 20 percent drop is the biggest we can expect and that would just bring prices back to the level we saw at the beginning of 2018.”
The city’s builders started offering discounts on new projects recently as a combination of government policies, higher mortgage rates and new supply pushed the residential market to a tipping point.
“We’ve seen developers, one after another, offering so-called ‘cheap prices’, in a move to unload their inventories,” said Raymond Cheng, head of Hong Kong and China research at CGS-CIMB Securities. Read more