{"id":3236,"date":"2019-06-04T09:13:41","date_gmt":"2019-06-04T09:13:41","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3236"},"modified":"2021-06-04T14:27:31","modified_gmt":"2021-06-04T07:27:31","slug":"hong-kong-flat-prices-more-than-twice-those-in-1997","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/hong-kong-flat-prices-more-than-twice-those-in-1997\/","title":{"rendered":"Hong Kong flat prices more than twice those in 1997"},"content":{"rendered":"<p>Finance chief issues warning on deteriorating affordability levels in the Chinese SAR<\/p>\n<figure id=\"attachment_3237\" aria-describedby=\"caption-attachment-3237\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-3237\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_1391627372.jpg\" alt=\"\" width=\"1000\" height=\"666\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_1391627372.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_1391627372-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/06\/shutterstock_1391627372-768x511.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-3237\" class=\"wp-caption-text\">Kowloon Bay, Hong Kong. leungchopan\/Shutterstock<\/figcaption><\/figure>\n<p>Residential property prices are still mostly &#8220;out of reach for Hongkongers&#8221; due to higher debt-to-income ratios and escalating housing prices, warned Hong Kong Financial Secretary Paul Chan Mo-po via the <a href=\"https:\/\/www.scmp.com\/news\/hong-kong\/hong-kong-economy\/article\/3012881\/worlds-most-expensive-housing-market-just-got-even\" target=\"_blank\" rel=\"noopener noreferrer\">South China Morning Post<\/a>.<\/p>\n<p>The cost of buying a flat in Hong Kong has increased by 126 percent since the housing boom of 1997, just before the financial crisis, Chan said in a Legislative Council panel discussion on Monday.<\/p>\n<p>Around 69 percent of monthly incomes in the city went to repaying mortgages in the first quarter, compared with a high of 93 percent in 1997.<\/p>\n<p>\u201cThe government will monitor the property market closely,\u201d Chan was quoted as saying.<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/small-talk-the-rise-of-hong-kongs-nano-homes\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: The rise of Hong Kong\u2019s nano homes<\/strong><\/a><\/p>\n<p>The Post went on to report that overall prices in Hong Kong rose every month between January and April: up 9 percent on last December.<\/p>\n<p>The period still saw 5,400 transactions on average per month, up 82 percent from Q4 2018.<\/p>\n<p>Family arrangements, in which parents buy a property for children who then had to repay the loans with a bulk of their income, could partly explain the high mortgage-to-income ratio in Hong Kong, according to Mo Pak-hung, an economics professor at Baptist University.<\/p>\n<p>Around 18,800 private flats are expected to come online in the city in the next five years \u2014 20 percent more than the number for the previous five years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance chief issues warning on deteriorating affordability levels in the Chinese SAR<\/p>\n","protected":false},"author":8,"featured_media":20107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[136,273],"class_list":["post-3236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-hk","tag-hong-kong-sar","news_country-hk-macau","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is 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