In 2022, the average price of permanent housing in Hong Kong Island dropped to around 173 thousand Hong Kong dollars per square meter on average. The city had the highest property prices in the region.

This statistic shows the price per square foot in selected prime residential markets worldwide in 2018. Hong Kong was the most expensive residential market globally with average prime residential values of 4,670 U.S. dollars per square foot.

In the first quarter of 2024, the average monthly rent for grade A office space in Hong Kong's Central district amounted to 954 Hong Kong dollars per square meter. Central had the most expensive office real estate among all districts in the city. Compared to other major cities in the Asia-Pacific region, Hong Kong had the highest average rent for grade A office real estate.

In June 2023, the price of Composition Leather was $3.7 per square meter (FOB, Hong Kong), showing a decrease of 25% compared to the previous month.

In the first quarter of 2024, the average monthly rent of private apartments in the Hong Kong Island region, the heart of Hong Kong, was between 386 and 457 Hong Kong dollars per square meter. Meanwhile, the median income for an individual was 18 thousand Hong Kong dollars per month.

In March 2023, the patent leather price stood at $36.6 per square meter (FOB, Hong Kong), rising by 36% against the previous month.

HK: Private Domestic Premises Price: Hong Kong: Class C data was reported at 225,102.000 HKD/sq m in Sep 2018. This records an increase from the previous number of 208,694.000 HKD/sq m for Aug 2018. HK: Private Domestic Premises Price: Hong Kong: Class C data is updated monthly, averaging 95,671.000 HKD/sq m from Jan 1999 (Median) to Sep 2018, with 237 observations. The data reached an all-time high of 225,102.000 HKD/sq m in Sep 2018 and a record low of 36,005.000 HKD/sq m in Apr 2003. HK: Private Domestic Premises Price: Hong Kong: Class C data remains active status in CEIC and is reported by Rating and Valuation Department. The data is categorized under Global Database’s Hong Kong SAR – Table HK.P006: Residential: Private: Price.

In 2019, Hong Kong had the most expensive residential property market worldwide, with an average price per square foot of 1,987 U.S. dollars.

Hong Kong

Hong Kong, an autonomous special administrative region of China, has one of the least affordable housing markets in the world. A region with an estimated 7.49 million people, it has become increasingly difficult to purchase a home in Hong Kong. The spoken languages in Hong Kong are Cantonese, Mandarin, and English.

Hong Kong housing market

The housing market in Hong Kong has seen an increase in prices in the past couple years. There are two types of housing unit offers in Hong Kong, private and public. The number of public rental housing units has been consistently rising since 2008. Nearly half of the public rental apartments in Hong Kong as of March 2018 were between 30 and 39.9 square meters. Not only has the number of public rental housing units increased since 2008, so have the private ones. However, there are more private housing units than public ones in Hong Kong. Additionally, the Home Ownership Scheme exists in Hong Kong. It is a government sponsored program that subsidizes public housing in Hong Kong. First created in the late 1970s, it was instituted with two targets in mind. The first was to persuade the richer tenants of these apartments to leave so families in greater need could live there. The second was to allow these families to become home owners, since they did not have enough money to buy in the private sector. Under this program, the government sells apartments to qualified low-income tenants at prices below the market value.

As of March 2023, the average monthly rent for public rental housing in Hong Kong's New Territories was 67 Hong Kong dollars per square meters. These type of apartments were rent-controlled and therefore were significantly cheaper than their private counterparts. For instance, whereas public housing in the New Territories costs 67 Hong Kong dollars per square meter per month on average, a private apartment in the same districts costs 257 Hong Kong dollar per month.

Hong Kong Office Premises Price: Qtr: Grade A: Central data was reported at 545,631.000 HKD/sq m in Mar 2018. This records an increase from the previous number of 511,965.000 HKD/sq m for Dec 2017. Hong Kong Office Premises Price: Qtr: Grade A: Central data is updated quarterly, averaging 122,793.000 HKD/sq m from Jun 1982 (Median) to Mar 2018, with 140 observations. The data reached an all-time high of 545,631.000 HKD/sq m in Mar 2018 and a record low of 17,628.000 HKD/sq m in Sep 1984. Hong Kong Office Premises Price: Qtr: Grade A: Central data remains active status in CEIC and is reported by Rating and Valuation Department. The data is categorized under Global Database’s Hong Kong – Table HK.EB066: Office: Private: Price.

In May 2023, the price of Veneer Sheet reached $11.1 per square meter (CIF, Hong Kong), marking a significant increase of 78% compared to the previous month.

New York was one of the cities in the world with the highest construction costs for industrial buildings in 2023. Light duty factories in Hong Kong cost 2,300 U.S. dollars per square meter to construct, while it cost 300 U.S. dollars per square meter in Johannesburg, the cheapest city among the ones included in this list.

Hong Kong HK: Private Domestic Premises Price: Kowloon: Class A data was reported at 147,591.000 HKD/sq m in Sep 2018. This records a decrease from the previous number of 157,033.000 HKD/sq m for Aug 2018. Hong Kong HK: Private Domestic Premises Price: Kowloon: Class A data is updated monthly, averaging 43,081.000 HKD/sq m from Jan 1999 (Median) to Sep 2018, with 237 observations. The data reached an all-time high of 160,077.000 HKD/sq m in Jun 2018 and a record low of 19,768.000 HKD/sq m in Jul 2003. Hong Kong HK: Private Domestic Premises Price: Kowloon: Class A data remains active status in CEIC and is reported by Rating and Valuation Department. The data is categorized under Global Database’s Hong Kong SAR – Table HK.P006: Residential: Private: Price.

In 2022, Hong Kong had the highest construction costs of standard high rise apartments in the Asia-Pacific region, with construction costs averaging 3,380 U.S. dollars per square meter. Contrastingly, the construction costs for a standard high rise apartment in Kuala Lumpur amounted to an average of 470 U.S. dollars per square meter in 2022.

As of March 2023, the average living space of public rental housing tenants in Hong Kong was 13.8 square meters per person. In the same year, the proportion of households with living space per person below 5.5 square meters was 0.5 percent.

HK: Private Domestic Premises Price: Hong Kong: Class A data was reported at 179,117.000 HKD/sq m in Sep 2018. This records a decrease from the previous number of 186,977.000 HKD/sq m for Aug 2018. HK: Private Domestic Premises Price: Hong Kong: Class A data is updated monthly, averaging 62,373.000 HKD/sq m from Jan 1999 (Median) to Sep 2018, with 237 observations. The data reached an all-time high of 190,096.000 HKD/sq m in Jul 2018 and a record low of 23,363.000 HKD/sq m in Jul 2003. HK: Private Domestic Premises Price: Hong Kong: Class A data remains active status in CEIC and is reported by Rating and Valuation Department. The data is categorized under Global Database’s Hong Kong SAR – Table HK.P006: Residential: Private: Price.

Drawn glass and blown glass exports from Hong Kong SAR surged to 1.3M square meters in 2023, growing by 1,073% against 2022 figures.

In 2019, the city in the Asia Pacific region which was the most expensive in terms of prime real estate was Hong Kong, in which prime real estate cost on average 57.6 thousand U.S. dollars per square meter. Contrastingly, in Manila prime real estate cost on average just under six thousand U.S. dollars per square meter in 2019

Hong Kong HK: Private Domestic Premises Price: New Territories: Class C data was reported at 128,505.000 HKD/sq m in May 2018. This records an increase from the previous number of 124,347.000 HKD/sq m for Apr 2018. Hong Kong HK: Private Domestic Premises Price: New Territories: Class C data is updated monthly, averaging 48,441.000 HKD/sq m from Jan 1999 (Median) to May 2018, with 233 observations. The data reached an all-time high of 128,505.000 HKD/sq m in May 2018 and a record low of 24,439.000 HKD/sq m in Jun 2003. Hong Kong HK: Private Domestic Premises Price: New Territories: Class C data remains active status in CEIC and is reported by Rating and Valuation Department. The data is categorized under Global Database’s Hong Kong – Table HK.EB027: Residential: Private: Price.

In the third quarter of 2024, London (West End) was the market with the most expensive prime office space worldwide.The net effective cost for a prime office in London cost close to 287 U.S. dollars annually. In second and third market in the ranking, Hong Kong and Midtown New York, prices also exceeded 200 U.S. dollars per square foot. The global office real estate sector was severely affected by the coronavirus pandemic and the political and economic uncertainty that followed. With many companies placing expansion plans on hold and transitioning to hybrid working models, vacancies across many markets spiked and leasing activity slowed down.