Date
18 August 2017
Housing affordability in Hong Kong has fallen to the worst level in 12 years, a survey shows. Photo: Bloomberg
Housing affordability in Hong Kong has fallen to the worst level in 12 years, a survey shows. Photo: Bloomberg

Realty check: Scrimp & save for 14 years to buy a tiny flat!

An average Hong Kong family would need to scrimp and save for about 14 years to be able to buy a tiny 400-square-foot apartment in the city’s urban areas, according to a survey by the Chinese University of Hong Kong (CUHK).

The overall quality of life in Hong Kong has deteriorated over the year through 2013, with property affordability the weakest in 12 years, the survey found.

The overall score of the CUHK Hong Kong Quality of Life Index 2013 came in at 102.57, down 0.33 from the 2012 level, the Hong Kong Economic Journal reported. The economic sub-index dropped 0.45 to 25.76, the worst figure since the survey began in 2002.

The survey gauged the quality of life in the city by 21 benchmarks under three categories, namely social, economic and environmental.

The results showed that in 2013, except the social sub-index, the other two categories saw decline.

The poor result in property affordability indicated that income increment does not match with the increase in property prices and rents. Such mismatch prompts people to delay marriage and think twice before having children.

Chief Executive Leung Chun-ying’s failure to fulfill his election promise and lack of new initiatives to support the underprivileged have dragged the score for the government performance index under the social sub-index category.

Press freedom index also slid, and is likely to show a much worse result in the next survey due to the assault on former Ming Pao chief editor Kevin Lau, said Paul Lee, a professor at the School of Journalism and Communications at CUHK.

– Contact us at english@hkej.com

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Freelance journalist

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