128 sq feet apartment cost from $400,000 in Hong Kong

Monaco is nothing to compare to Hong Kong. For one thing, Monaco does not have the problem of dealing with mainland Chinese who want to cross over to work there. Hong Kong is part of China, and yet it has to do its best to stop a flood of immigrants from mainland China. It has already more than 7 million people without providing jobs for 1.3 billion Chinese.

@LadyDuck yes, the price is about the same, though the earning power is not the same. The average salary in Hong Kong is so low, yet the housing price is so high. That is the reason for the protest taken place last year, when the young people took action to show their frustration with the housing price. Hard to imagine a young couple having to save up 15 years just to make downpayment for such a small flat.

@scheng1 But the price is more or less the same, thanks to the many people who want to have the residence not to pay taxes. There are plenty of Russians now, "nouveaux riches".

I pity the next generation. Good paying jobs are drying up, and the real estate price is so high now. The next generation has to think about paying the medical bills of their grandparents and parents in the future too.

Most people cannot afford to buy an apartment. They rent. Sometimes an extended family will pool the money and buy a small apartment to house a lot of people. Imagine having grandparents, parents, and a few children living under one roof. In this case, they can afford the apartment because of pooled savings, but it will be very miserable for all.

@Bluedoll The locals who are middle class or lower income probably cannot afford to pay, unless the whole extended family is buying the small apartment. The real for the high price in Hong Kong is partly due to the small area of Hong Kong, and partly due to the fact that rich foreigners are buying up the property. In Asia, extended family often live together. you can have grandparents, parents, children and probably one or two uncles or aunts who are single to live together. The Asia culture is that singles do not move out. They live with their parents. Parents often live with the family of a son, because that is also part of culture of taking care of aging parents. So it is possible that lower income class can afford to pay for the apartment as long as they have 3 or 4 working adults.

@Bluedoll People in society where families stay close together tend to have happier and more confident young people. The old people are taken care of, and they can contribute to imparting of moral values in the families.

Food is cheap. Public transport is cheap. Generally tourists go there for shopping, since you can get good quality dresses, shoes, bags, cosmetic at very affordable price. The corporate tax in Hong Kong is only 16.5%, so the businesses can pass the cost down to the consumers. Hong Kong does not have VAT.

@scheng1 There must also be affordable housing. In what kind of flat does a worker live?

@MALUSE No, not at all. You can take a look at the pictures there. It is already an improvement over the "boat house" people. Hong Kong is a very small place with 7 million people crammed into a total land area of 1,106 square kilometres (427 sq mi). The worst is that it has a mountain range that limits the area for building residential towers for the residents.

It is still way better than a boat house. If you take a look at the picture of the boat house people, I think you understand why some people rather sleep on street than live in such a condition.

Another thing about Asia is that a family does not just mean husband and wife and kids. It can mean the whole extended families. So having 128 sq feet apartment for grandparents, parents and children living together can be a norm rather than an exception.

Just lay out 3 King size bed mattresses side by side, and imagine a living space that is a bit smaller than that. This area includes cooking area, and a toilet and bathroom.

No idea, given that the average salary is about USD2000 or less.

Quite good for a family in Hong Kong.