Known for its dramatic skyline and fantastic scenery, Hong Kong is home to one of the world’s top real estate markets. From high-end apartments to tiny rooms in shared units, Hong Kong’s housing market ranges from the luxurious and ultra-expensive to the simple, inexpensive, and homely.
Hong Kong’s real estate market is renowned for two things: small rooms and high prices. As one of the world’s most densely populated cities, real estate comes at a premium in Hong Kong. As such, a room that would be affordable in other major cities, such as Los Angeles or Chicago, may command an incredibly high price in Hong Kong.
One of the easiest ways to sort properties in Hong Kong is to think of them as belonging to one of three different geographical areas: Hong Kong Island itself, the Kowloon Peninsula, and the New Territories. These three areas make up all of urban Hong Kong, containing its top residential areas.
Housing in Hong Kong Island is generally fairly expensive, with small one-bedroom units often commanding prices as high as $5,000 USD per month. This is due to Hong Kong Island’s status as the region’s top financial center, and the predictably high salaries of most of its inhabitants.
More affordable housing can be found in Kowloon. One of Hong Kong’s most interesting regions, the Kowloon Peninsula is home to neighborhoods such as Mong Kok, Tsim Sha Tsui, and a variety of smaller neighborhoods popular with locals and expatriates alike.
In both Hong Kong Island and Kowloon, the price of real estate decreases as you travel further away from the area’s top spots. In Hong Kong Island, areas further away from Central will have more affordable pricing, while in Kowloon, areas far from Tsim Sha Tsui will be more affordable.
Finally, the New Territories is one of Hong Kong’s most popular regions for affordable housing. A large expanse of land reclaimed from the People’s Republic of China, the New Territories is home to a variety of new housing developments that are priced far below their downtown counterparts.
There are minimal restrictions on foreign ownership of property in Hong Kong, making it easy for expatriates to purchase houses and apartments. Due to the high price of property in Hong Kong, the majority of residents prefer to rent property – apartments or houses – on a month-by-month basis.
Despite Hong Kong’s high residential property prices, the city can be a rewarding and fun place to live. While the apartments on offer are typically small and amenities limited, the usual Hong Kong lifestyle involves getting out and enjoying life, making a small apartment a relative non-issue.