A map showing property prices along Hong Kong’s MTR line has gone viral.
It was uploaded only this week but already, it has run up 900,000 hits.
The map was produced by Dr. Leung Kai-chi, assistant program director of I.CARE Leadership of the Chinese University of Hong Kong.
He said the project was inspired by a map of rental prices in Manhattan. He spent six hours to produce its Hong Kong version.
Each MTR station is represented in the map and the corresponding estate is within a 200-meter radius.
The estate with the most active transactions in the past six months was chosen.
For example, Victoria Towers was picked for the Austin station while Park Towers was chosen to represent Tin Hau station. Prices in these estates were then mapped.
Leung said the methodology is logical. The distance between each MTR station is about 400 meters. The available choices were pruned by restricting the area to within 200 meters.
The price per square foot for each estate corresponding to a certain station was supplied by property agency Centaline and was taken from Saturday’s actual prices.
If there was no recent data on a particular estate, Leung took the average price for the last five transactions.
If we look at property prices in Hong Kong this way, a few things become quite interesting and noteworthy.
To start with, there are now only 12 stations where the price per square foot of a residential estate is under HK$10,000.
The three cheapest estates are in Yau Tong, LOHAS Park and Quarry Bay, respectively, ranging from HK$8,732 (US$1,126) to HK$8,957.
Meanwhile, Wing Wah Mansion, Island Crest and Sorrento are the three most expensive estates on the MTR line in Central, Sai Ying Pun and Kowloon stations, respectively.
Most interestingly, the price gap between Hong Kong Island and the New Territories is narrowing.
The price per square foot of Sha Tin Centre in Sha Tin station, according to the map, is HK$13,762 and that of Fortress Metro Tower in Fortress Hill is HK$14,666.
This wouldn’t be quite unimaginable if it was a few years ago when home prices in the New Territories were typically a lot cheaper than those on Hong Kong Island.
[Leung Kai-chi's Facebook account]
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