Hong Kong Home Owners Start to Cut Prices
Hong Kong, one of the most famous cities in the world, infamous for shopping and site seeing for many tourists, has one of the highest and most expensive real-state prices in the world. For the past few years, Hong Kong has one of the highest selling housing market internationally, but for the past few months the rate of the houses selling as significantly dropped. This low activity on the housing market marked the lowest since the SARS pandemic back in 2003, exactly a decade ago. As the prices went higher and higher in the recent years, results in Hong Kong being one of the least affordable places in the world. As the prices go up, buyers started to hold on to their money which led to no one buying houses at all.
As a Hong Kong resident myself, this might be actually good news for my family and I, if the houses become more affordable I would have another reason to move back to Hong Kong and eventually stay there. The newly elected Chief executive in Hong Kong has created more programs to try to cool down the prices and make it more affordable for everyone. If people do not have to worry about saving all their salary just for housing, they might be more willing to spend more on the economy which will benefit the whole society at the end.