HK ranked most unaffordable housing market for fifth year

Hong Kong continues to hold the title of the world's most unaffordable housing market for the fifth straight year, according to the latest survey released by urban planning consultancy Demographia.

The city had the highest "median multiple", a measure widely used in evaluating urban markets, with a reading of 17, up from 14.9 in the previous survey, the Hong Kong Economic Times reported, citing the results of the poll.

It was followed by Vancouver with a median multiple of 10.6, and Sydney with 9.8, the report said.

The Demographia International Housing Affordability Survey was conducted on 378 cities in the third quarter last year. The markets covered included Australia, the United States, Canada, the United Kingdom, Hong Kong and Singapore.

The survey ranks cities according to their median multiple, which refers to the median home price divided by the gross annual median household income, to rate housing affordability.

Economist Kwan Cheuk-chiu said the survey showed that the average family income growth in Hong Kong lagged far behind the increase in property prices.

The Hong Kong Monetary Authority could tighten mortgage loans to dampen demand and push down prices, Kwan said, noting that the government has insisted that housing supply has improved greatly.



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