In Hong Kong, parents who own their property are likely to be millionaires, even with just a small one-bedroom apartment. However, for younger generations like millennials and Gen Z, high property prices pose a significant financial burden. Many are burdened with long-term mortgages at high interest rates, making it difficult to move up the social ladder. Urbanization has made it challenging for younger individuals to build wealth through real estate like their parents did.
Despite the economic growth in Hong Kong, the disparity in wealth ownership between generations is evident. The younger population faces obstacles due to the skyrocketing property prices and mortgage rates that hinder their ability to accumulate wealth through real estate.
The real estate market in Hong Kong continues to be a focal point of discussion among economists and policymakers, as the challenges faced by younger generations impact the overall economy and social structure of the city. Finding solutions to address the wealth gap and provide opportunities for younger individuals to build financial security remains a top priority for many.
