Private home prices in Hong Kong have more than tripled in the past 10 years, according to government figures.
The private home price index from the Ratings and Valuation Department stood at 297.1 in April this year, more than three times the 2005 level of 92.
A 44 percent jump has been seen since 2012, the year CY Leung took office, alone, so we’re pretty sure it’s all his fault… like everything else.
Another survey by the department reported that the price of a 430-square-foot flat on Hong Kong Island has shot up 270 percent since 2005, from HKD3,638 to HKD13,517 per square foot.
Lawrence Poon of the Division of Building Science and Technology at City University told Ming Pao Daily that house prices should come down by 10 percent next year (whoop-dee-do!) if supply increases and interest rates are raised.
CY Leung has promised to introduce 20,000 private housing units next year, but – just in case you were thinking of thanking him – such plans are those of former Chief Executive Donald Tsang anyway, according to Wong Leung-sing of Centaline Property Agency.
No wonder so many Hong Kong kids are investing in tents these days.
Photo: Wikimedia
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