High Residential Property Price in Hong Kong Essay

254 WordsJan 10, 20152 Pages
Proposal on Hong Kong Residential Property Introduction Over the past decade, the residential property price in Hong Kong has significantly increased. Housing issue is a contention problem in Hong Kong. This proposal analyses the reasons for having high property price and outlines solutions to solve the current problem. Background According to the statistics released by the Hong Kong Government, the Hong Kong residential property price index has jumped from around 35 to 115 since 2003. There are several reasons which contribute to the expensive residential properties in Hong Kong. Firstly, scared land resources can be attributed as one of the reasons contributing to Hong Kong’s housing problem. As the population in Hong Kong is huge but there is a lack of land supply, the housing in Hong Kong is getting more and more expensive. Secondly, due to the change of Hong Kong government’s housing policy, the supply of public housing is less than before. The demand for private residential house has thus increased. Analysis of solutions There is solution proposed to tackle with the current situation. In the year of 2013, the Hong Kong Government has launched a policy to charge an additional 15 per cent stamp duty for existing property owners, non-Hong Kong permanent residents and corporate buyers. The policy successfully achieved the intention to reduce the speculative activities. Since there are many empty residents in Hong Kong, it is suggested to charge additional rates for empty properties. This can be done by monitoring water or electricity usage in a

More about High Residential Property Price in Hong Kong Essay

Open Document