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Skyrocketing Housing Price in Hong Kong: Stimulus and Future Directions for Development

In: Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)

Author

Listed:
  • Yaru Liu

    (The University of Melbourne, Faculty of Architecture, Building and Planning)

Abstract

The skyrocketing housing price is a considerable urban issue in Hong Kong, China, which not only is the crucial reason for the social conflicts but also is a vital factor for enlarging the wealth gap and gentrification. However, the Hong Kong Government has failed to effectively address the problem of housing inequality. Housing prices have been steadily rising for many years. Hence, it is critical to identify driving forces behind this urgent problem and to set future direction for sustainable development. In this paper, data were selected from the Census and Statistics Department, which is the government of the Hong Kong Special Administrative Region. The method of OLS linear regression is adopted to analyze the reason why the housing price has grown consistently in Hong Kong. Female disposable income, population, and the CPI index are used as research objects in the motivations analysis. According to the results, the population and the disposable income of employed women have a significant positive impact on housing prices, whereas the CPI index has no bearing on it. In terms of the scarcity of developable land in urban areas, high-density developments combined with transit-oriented development are an emerging option for Hong Kong to cope with this situation. This study provides implications for Hong Kong, even other cities, to analyze the driving forces behind the surged housing prices and the solutions to balance the rigid demand of property and insufficient housing supply.

Suggested Citation

  • Yaru Liu, 2022. "Skyrocketing Housing Price in Hong Kong: Stimulus and Future Directions for Development," Advances in Economics, Business and Management Research, in: Faruk Balli & Au Yong Hui Nee & Sikandar Ali Qalati (ed.), Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022), pages 1233-1242, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-052-7_137
    DOI: 10.2991/978-94-6463-052-7_137
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