Hong Kong has ranked as the world’s priciest housing market for years. Apartments seemed a bulletproof investment for the wealthy. But the knock-on effects of US monetary policy and Chinese wealth are upending that assumption.
The average residential property price in Hong Kong was more than $1.2mn before the pandemic. Most apartments in the city are small. Some “shoebox homes” are less than 300 sq ft.
Prices were sustained by rich mainland Chinese buyers. Before the pandemic, they accounted for almost all home purchases by non-locals, which stood at about a tenth of the total.
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