Hong Kong’s homes, already the world’s most expensive, are set to reach new record highs this year, according to financial giant JP Morgan. As quoted in SCMP, the city is expected to see its housing market continue to inflate this year, with prices likely to rise by another 10%-20%, JP Morgan’s head of Asian property research, Cusson Leung, says.
Quantitative easing – more money in the hands of investors, in other words – and short supply, combined with demand from local users, are driving the market’s climb, Leung says.
This is despite “real and painful” talk of Hongkongers leaving the city, as a Bloomberg opinion piece states, following the protests of 2019 and the implementation of new national security legislation. Leung questions whether people leaving Hong Kong are mostly home-owners, and if they are, how many would be selling their properties now.
On a more light-hearted note, the SCMP also carried a report comparing the cost of a luxury flat in Hong Kong and an ancient Italian castle, asking whether anyone would rather live like a duke or squeeze into a few thousand square feet of space.