Great post!Why does everyone need to own property? Is it your given right? I know a lot of locals who were here and working a well paying job back during SARS and during the GFC. Both times they did not buy, property was very affordable then, why did they not buy. Now they have remorse because they didn't buy and they wanted to earn the profits themselves too, only natural, also greedy.
Name another place that has affordable housing for everyone? And then how many of the people own? Even in the US where houses are cheaper, many people do not buy, it's a choice.
The younger generation should be saving money now and planning for the next time the HK property has a correction. Well, I'm sure even then you won't buy and simply complain when it goes up again. Developers will offer opportunities for younger buyers to get on the property ladder.
Life is not being eaten by the property market -- it's a cycle and as a result of the higher prices we can enjoy new clean shopping malls with good Air Con, convenient and working public transportation and a city that's constantly being developed -- many other parts of the world just run out of money and standstill! This all comes at a cost, and you can spend HK$25 to go from one end of HK to the other -- no other place offers these conveniences.
And it's actually only $2.30 to get from one end of HK to the other if you take the tram