Hong Kong has always been a speculative culture free port. Many waves of emigrants have sold up and moved to Canada and the UK on the back of replacement immigration from the Mainland. We are now experiencing another huge wave. Its not the first and it wont be the last. What sets this wave apart is that the new immigrants are no longer coming with just the clothes on their backs. The amount of inward cash flow in the past 5 years has been huge - maybe $600 billion p.a. by some estimates. Not all of this is owned by immigrants of course. A lot of it is just parked. So where does the money go? into property of course. There is so much money swilling around that you can forget about any normal notions of affordability. The locals who own property are minting it. To hell with everyone else. Where will it end? who knows. Usually geopolitics intervene before local government makes any effort to change.

(Added next day)

Not to mention the inward flow of hot money caused by the artificial link to the US dollar. The banks here are so awash with money that they don't know what to do with it. The Tycoons are using this cash to buy up half the world, but the continued lack of investment vehicles locally ensures that property remains in hot demand. If the Hong Kong Government were to act like a corporation and start buying overseas assets as well - and issue high yield bonds to do it with - this would soak up all that extra liquidity. But our government is far too conservative. Preferring just to count the cash.

Too bad if you are not a capitalist.

This discussion is continuing here, using an actual, available flat:

2/F Flat + Rooftop for Rent

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There is potential respite in store for tenants as the new sewage works kick off soon. This will result in a lot of dug up paths and will be quite off putting for new comers. It wont affect property prices because villagers just hold when there is a drop in interest.

After this very informative rant, have you left now, Mrs Pablo, or taken temporary refuge in cheaper areas of Lamma, like we did?

We're awaiting the days of more reasonable rents in the Greater YSW Area, maybe moving back by then, but for now we're frequent and happy visitors to YSW, watching the ever-changing, slowly suburbanising village environment full of people, construction, noises with the fresh eyes of visitors, while also exploring the fascinating rest of Lamma which is still offering surprises even after 12+ years of living here.
For example, our round trip with friends today: Pak Kok - Hung Shing Yeh - Lo So Shing - Sok Kwu Wan dragonboating - Mo Tat Wan - Aberdeen - Pak Kok, so much to see and explore and I didn't even set foot or bike wheel anywhere near YSW.

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It would seem my prediction of lower house sale prices was incorrect after all! Like someone said the villagers dont need to sell so they just hang on until things start going up again. Rents seem to be coming down though it would seem. I know of long term residents forced to move by greedy landlords being able to find nice flats for a decent rate.

This is a cheeky one, including the roof in the saleable area. I thought it was a 2 story at first

http://property.gohome.com.hk/Lamma-Isl ... 207325/en/