According to property firm CBRE’s Global Living 2020 report, the average price of a home in Hong Kong is more than HK$10 million (US$1.3m/£930k). A shortage of housing and the huge demand for properties have driven up prices to new levels of unaffordability. 

Although the 2019-20 anti-government protests in Hong Kong sent shockwaves through much of the world, Reuters reported that the region's astronomical housing prices did not see much of a change. It seems even mass unrest can't deter the power of the city's exorbitant property market.

Despite the shortage, there are still ultra-luxury homes available for the super-rich at the higher end of the market, but because of the sheer number of people living in Hong Kong, even small apartments are becoming unaffordable for ordinary people.

In February 2021, a luxury apartment in CK Asset Holdings’ 21 Borrett Road residential project was sold for HK$459 million (US$59m/£43m). Measuring 3,378 square feet, the hefty price tag means each square foot cost HK$136,000 (US$17.5k/£12.7k), setting a new record for the most expensive home per square foot in Asia. This beat the previous record set in November 2017, when a four-bedroom home in the Mount Nicholson development in The Peak sold for just shy of HK$1.2 billion (US$150m/£107m), working out at just over HK$126,000 (US$16k/£12k) per square foot.

For renters as well as buyers, the most sought-after – and thus pricey – location in the city is The Peak. It’s the highest point on Hong Kong Island, which comes with cooling maritime breezes and city views. But, for the privilege of soaking up the view, you can expect to spend three or four times the amount you would on rent in London, for example.

If you've got the money, you can still find spacious homes for sale through the most salubrious agents and realtors. This plush four-bedroom family home in The Peak is currently on the market for HK$260 million (US$33.5m/£24m).

Luxury properties are always available for those that can pay but there's an increased demand for luxury on a smaller scale. This narrow flat is in a new property development in the Kowloon district of Hong Kong. The crammed financial hub regularly tops the list of the least affordable housing in the world.

Designers Michelle Tennant and Andy Knight devised this comfortable configuration for a 309-square-foot micro-flat in Central Hong Kong. The tiny living space even manages to fit in a home cinema.

A lack of space is always going to be an issue in Hong Kong, but that doesn't mean a shoebox home can't still feel luxurious. Property developers are turning to designers to help make these tiny homes more palatable and upmarket for their fashionable clientele. 

This project, known as The Wings II, uses every expert designer trick in the book to make these snug apartments feel indulgent. The units were originally selling for HK$15,000 ($1.9k/£1.4k) per square foot after their completion back in 2012. The most expensive flat, which measured more than 1,200 square feet, was listed for sale at HK$18.3 million ($2.3m/£1.7m). 

But it's not just the super-wealthy who want to live in the city. There are still plenty of locals too – so how do they cope with the city's staggering housing costs? High-rise homes are the most common form of accommodation for the average resident, but they can be cramped and overcrowded, and landlords are known to regularly take advantage of the high demand.

Even regular apartments are generally very small, particularly in the popular central areas. You can expect a small balcony, but often the view is simply of your neighbours. For the most part, residents are used to close contact and small spaces, so they're adaptable when it comes to new housing solutions, though some alternative living arrangements have made headlines...

The Society for Community Organization (SoCO) worked with photographer Benny Lam on a new project to further highlight the problems faced by those priced out of the rental market in Hong Kong. From 2012 to 2015, Lam captured shocking images of the living conditions in the city.

A 400-square-foot flat can be subdivided to accommodate nearly 20 double-decker sealed bed spaces, sometimes partitioned with wood or even wire. Kitchen and toilet units are usually a similar size and shared by the inhabitants of several cubicles. During the coronavirus pandemic – when densely populated Hong Kong has reported around 10,800 cases and 197 deaths at the time of writing – residents have been confined to these tiny, claustrophobic spaces.

While these squalid and sometimes dangerous conditions exist, it's difficult to understand why the Hong Kong government hasn't done more to tackle the housing crisis. Some measures to increase social housing and control rent have been taken, but it's done little to solve the problem and more affordable accommodation is desperately needed.

78-year-old Leung Shu sits beside his cage as he prepares to settle in for the evening on the apartment floor that he now shares with only four others. Thousands of people living in 15-square-foot cubicles or cages are being forced to vacate premises, as lots are steadily sold off to developers and low-cost accommodation becomes more difficult to find due to the increasing cost of rent. If the average prison cell in the city measures 75 square feet, it's difficult to imagine just how shocking these living conditions are.

An elderly resident relaxes in his bunk bed, which was donated by the Society for Community Organization. Approximately 1,000 or so people are still estimated to live in squalid and cramped conditions in old tenement flats as Hong Kong's staggering wealth gap widens. This almost inhospitable situation has been exacerbated during the coronavirus pandemic as it's nearly impossible to self-isolate in these suffocating living conditions.

Co-living is about to become standard practice, with bankers taking a leaf out of students’ books and signing up to new developments in the city, usually sharing with three to four other people. According to Keith Wong, co-founder of the Synergy Biz Group Ltd, young finance workers are flocking to the co-living lifestyle, both for financial and social reasons. Dormitory-style bunk beds are private areas, usually with designated storage, but all other spaces are communal. 

The Bibliotheque co-living development in the Yau Ma Tei district of Hong Kong is the newest such tiny living community. The project cost HK$150 million ($19m/£13.8m) and involved the conversion of two five-storey buildings, creating space for 166 beds across 15 units. The monthly rent starts from HK$4,000 ($516/£370), which covers regular cleaning and management services.​

Also known as ‘nano flats,’ the most expensive apartments have sea views and can accommodate two residents. Cheaper options usually involve sharing with more people. It’s simple mathematics for the tycoons, enabling more people to be packed into the former luxury building, which consequently generates a higher rental yield.

All sleeping spaces come equipped with individual lockable drawers, storage shelves and a hanging rail, as well as individual reading lights, a study desk and a chair. Curtains can be drawn across the bunks for privacy.

To build a sense of community, life at Campus revolves around socialising and the management regularly organise group activities such as movie nights and boat trips. This also appeals to international travellers who sometimes stay in the co-living space for a more authentic experience of life in Hong Kong. 

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