Posted on 14 January, 2022 | By Property852
Are you contemplating a move to Hong Kong? Before you go, learn about the cost of living and housing in Hong Kong with our guide.
Did you know that housing prices are higher in Hong Kong than in New York, Paris, and Singapore?
The inequalities of housing in Hong Kong and economic income forced people to take to the streets in 2019 to protest for better living conditions. But, what is the reality of living in this vibrant city? And, who can afford it?
There are a few things you need to consider before making a move to this city such as the cost of living in Hong Kong, renting in Hong Kong, and agency fees in Hong Kong.
So, let's take a look at the different costs and expenses you need to know about before relocating to Hong Kong...
When you think of living in Hong Kong it's easy to imagine the bustling city streets full of life, lights, and the delicious smells of street food all around you. However, you need £31,000 (HK $27,500- HK $43,000) a month to live there.
Now, that might seem like a huge amount, but there are always ways to cut costs no matter where you live.
First, you need to find the right accommodation.
Due to the recent housing crisis, many families have had to move into tiny apartments with less than 100 square feet. This style of micro-apartments is the most common option.
If you have a big enough budget for a larger space with several rooms then you'll most likely spend most of your income on rent. However, if you have to live close to work you might have to spend more.
For example, if you live in Hong Kong Island then you're looking at around £2,900 per month (HK $30,900). Whereas if you live in the North Territories East you can find apartments for £2,600 (HK £27,700).
The area you decide to get a flat in will depend on your individual needs such as public transport, shopping centres, and distance from work. So, you should always do your research in advance to find the perfect place!
Luckily, there are many public transport options in Hong Kong so you won't necessarily need a car. If you're by yourself you should budget HK $1-2000 and double that if you're a couple or family.
After rent and travel costs, you'll need to think about food shopping expenses. You can always cut costs by making your own meals and not eating out every evening.
Again, this will vary on how much food you consume and how many people you live with but the average food budget is HK $3,000-HK $4,000.
However, if you want to treat yourself to a meal out or grab some street food then it's a good idea to set some money aside for eating costs. A meal for two at lunch is HK $300.
So, if it's a special occasion or you just want to treat yourself, you should prepare to spend at least this amount.
Of course, you also need to keep in mind that you'll have to pay monthly bills on phone, gas, and electricity. Before picking a phone bill you should do your research on different networks to find the best plan.
Overall, the average monthly cost of bills is HK $927 (£87) in Hong Kong.
We all know that living is about more than just paying bills, going to work, and moving up the career ladder...
In between all the responsibilities of adult life, there needs to be a little time for fun and relaxation, right? So, you have to make sure that you factor in leisure expenses into your budget!
But, what is there to do in Hong Kong?
Here is a list of the best attractions in Hong Kong:
Although these are just a few examples of the wonderful things you can do in this magical city. There's lots more to discover!
That being said, you'll need to be able to afford it. Try to keep HK $1,000 a month for exploring the city.
Ultimately, whether or not you decide to live in Hong Kong will depend on your own situation. After learning about the cost of living there it might seem too expensive or it seems manageable with your income.
In case you need a little more information, these pros and cons will help you make your decision:
You can make a copy of these pros and cons and go over the separate points so you can weigh up the advantages and disadvantages of moving to Hong Kong.
If you're interested in property rentals in Hong Kong then you might want to have a glance at Property852 and its range of housing in Hong Kong. Looking for a place in Sai Kung? Pokfulam? Or, Causeway Bay? Then, take a look!
There are so many convincing reasons to move to Hong Kong from the exciting landscapes, tasty street food, and electric nightlife to the quirky streets and welcoming people. Why not make a change and take the step towards your dream life in Hong Kong?
Property852 will allow you to find your ideal housing in Hong Kong so you can enjoy living in this incredible city!
No matter if you're looking for a small flat for yourself, or a larger place for you and your family, there's something for everyone. The team is ready to answer any of your questions and find you the best home.
Ready to start your new life in Hong Kong? Get in touch today to find out about all the magnificent properties waiting for you!