RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Here's a guide to real estate in the world's least affordable city

Resort-style homes on Lantau Island are valued at $12,800 monthly.

Bloomberg reports that for the eighth year in a row, Hong Kong holds the dubious distinction of being the world’s least affordable city in which to buy a home and yet, real estate demand continues on an upward trajectory as locals clamor to get a foothold on the property ladder and wealthy Chinese seeking an offshore haven keep buying into the top end of the market.

Even renters accustomed to high prices should brace for serious sticker shock. “If you bring your family from London or Sydney, you are going to have to accept a different reality,” says Steven McCrindle, partner in charge of Hong Kong at Heidrick & Struggles International Inc. “You will probably end up paying three to four times more in rent than what you are used to in your home country.”

Here’s more from Bloomberg

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