Is this a sign that we’re all doomed? Hong Kong’s housing market has gotten so expensive that even bankers can’t Find A Decent Place to lay their heads for a reasonable sum.
Baby bankers in Hong Kong’s finance industry have started abandoning actual homes and are instead opting for co-living developments thanks to the city’s skyrocketing housing costs, according to Bloomberg. However, the developments are still geared mainly toward young people, as opposed to cities such as London and Amsterdam, where they are marketed to people across multiple age brackets.
At Mini Ocean Park Station, where 18 former luxury apartments have been converted into 270 units in the city’s Shouson Hill district, tenants include an investment banker and a bank intern. A room between 80 and 100 square feet (!) can cost $1,086 U.S. dollars per month, and most people signing up so far are college students.
Hong Kong is already the most expensive housing market in the world, and it got even more expensive during the second quarter of the year, when the proportion of income spent on mortgages rose from 56 percent to 67 percent. [Bloomberg] – Eddie Small