A luxurious apartment of about 6,000 square feet was recently sold in Hong Kong at a price around 450 million Hong Kong dollars, with each square foot costing around HKD75,000, making it the most expensive property in Asia.
Hong Kong's GDP standing at about HKD240,000, that means it takes 3.75 months' income of the average citizen to buy one single square foot of space of that flat. That also means it takes 1,875 years for the average citizen to earn enough money to buy such a flat. That, given that the average lifespan of a Hong Kong man is 79.4 years, is 23.6 lifetimes!
Not only is this sheer madness, one also has to ask how a Hong Kong property can justify that sort of price. Whatever way you look at it, the value is simply not there!
Hong Kong's GDP standing at about HKD240,000, that means it takes 3.75 months' income of the average citizen to buy one single square foot of space of that flat. That also means it takes 1,875 years for the average citizen to earn enough money to buy such a flat. That, given that the average lifespan of a Hong Kong man is 79.4 years, is 23.6 lifetimes!
Not only is this sheer madness, one also has to ask how a Hong Kong property can justify that sort of price. Whatever way you look at it, the value is simply not there!
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