Hong Kong property getting more out of reach

Hong Kong

IT takes around 35 years for a median-income household to buy a 90-square-metre (970 square foot) apartment in Hong Kong. So, by 2052, in other words. That makes the former British colony the world's least affordable city, according to Oxford Economics.

Now, with Chinese buyers forking out ever-higher amounts for land sold by the government and outbidding domestic stalwarts, prospective homebuyers are going to have to wait a whole lot longer.

A stamp-duty hike in November to 15 per cent for all non-first-time homebuyers and to as much as 30 per cent for foreigners hasn't dulled the market. Secondary home prices surged almost 40 per cent between July 2012 and the end of last year, Centaline Property's Centa-City Leading Index shows, just 1.…