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

DOI

10.2991/978-94-6463-052-7_137How to use a DOI?

Keywords

Housing Price; Female Income; High-density Development; Transit-orientation Development; Gentrification

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.

Copyright

© 2022 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Yaru Liu
PY  - 2022
DA  - 2022/12/27
TI  - Skyrocketing Housing Price in Hong Kong: Stimulus and Future Directions for Development
BT  - Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)
PB  - Atlantis Press
SP  - 1233
EP  - 1242
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-052-7_137
DO  - 10.2991/978-94-6463-052-7_137
ID  - Liu2022
ER  -