Category: hong kong

Ranked: These Are 10 of the World’s Least Affordable Housing Markets


This post is by Carmen Ang from Visual Capitalist


Map looking at some of the expensive housing markets worldwide

The Briefing

  • For the 12th year in a row, Hong Kong is the world’s least affordable housing market, according to Demographia’s ranking of 92 cities in select countries
  • Sydney, Australia moves up one spot from last year’s ranking to take second place

These Are 10 of the World’s Least Affordable Housing Markets

It’s become increasingly difficult for middle-class families to purchase a home over the last few years—and the global pandemic has only made things worse.

According to Demographia’s 2022 Housing Affordability Report, the number of housing markets around the world deemed “severely unaffordable” increased by 60% compared to 2019 (prior to the pandemic).

This graphic looks at some of the least affordable housing markets across the globe, relative to median household income. The report covers 92 different cities in eight nations: Australia, Canada, China, Ireland, New Zealand, Singapore, the United Kingdom, and the United States.

The Least Affordable Housing Markets

Before diving in, it’s worth outlining the methodology used in this report, to help explain what’s classified as a severely unaffordable housing market.

To calculate affordability, a city’s median housing price and divided by its median household income. From there, a city is given a score:

  • A score of 5.1 or above is considered severely unaffordable
  • 4.1 to 5.0 is considered seriously unaffordable
  • 3.1 to 4.0 is considered moderately unaffordable

All the cities on this graphic are classified as severely unaffordable⁠—and, for the 12th year in a row, Hong Kong takes the top spot as the world’s most (Read more...)

How Much Prime Real Estate Could You Buy for $1 Million?


This post is by Marcus Lu from Visual Capitalist


diagram showing how much prime real estate one can buy for $1 million in various cities

Can I share this graphic?
Yes. Visualizations are free to share and post in their original form across the web—even for publishers. Please link back to this page and attribute Visual Capitalist.
When do I need a license?
Licenses are required for some commercial uses, translations, or layout modifications. You can even whitelabel our visualizations. Explore your options.
Interested in this piece?
Click here to license this visualization.

The Briefing

  • Housing affordability can vary significantly from city to city
  • $1 million USD can buy over 6 times more space in Dubai than in Hong Kong

How Much Real Estate Could You Buy for $1 Million?

“There are three things that matter in property: location, location, location”

Those are words from Harold Samuel, a British real-estate mogul from the 1900s. Broadly speaking, it’s a quote that still holds true—property values in the world’s best cities have always been worth a pretty penny.

The scarcity of real estate is driven by trends such as urbanization, which is the migration of people into cities. While the first examples of cities were built thousands of years ago, it was only recently that the majority of the population began to live in them. In fact, the urban population just overtook the rural population for the first time in 2007.

Of course, certain cities simply hold more appeal for wealthy people, and as a result, competition in the prime real estate market can be fierce.

To learn more about (Read more...)

YC-backed Deskimo, an on-demand coworking space app, launches in Singapore and Hong Kong



A photograph of Arcc, one of Deskimo's coworking spaces in Singapore

Arcc, a coworking space in Singapore available for bookings on Deskimo

Part of Y Combinator’s current batch, Deskimo wants to make finding coworking spaces easier. Its on-demand booking app is currently available in Singapore and Hong Kong, with plans to enter more markets after Demo Day. Its founders are former Rocket Internet executives who say that their main competition aren’t spaces like WeWork or other hot desk booking apps. Instead, its Starbucks, since Deskimo caters to people who usually work from home, but occasionally need a place nearby where they can get away from distractions or take meetings. Deskimo partners with employers and charges them by the time their workers spend at space, instead of a monthly or yearly fee.

Deskimo was launched in February by Raphael Cohen, Rocket Internet’s former head of Asia, and Christian Mischler, who co-founded Foodpanda and served as its global chief operating officer. After Rocket Internet, the two started HotelQuickly, an on-demand booking app they sold in 2017.

The pandemic has quickly changed attitudes toward remote work, with a McKinsey survey finding that 62% of respondents said they only wanted to return to the office a few days a week, or not at all. As a result, many companies, especially startups, will continue offering flexible arrangements.

Mischler and Cohen already have experience watching peoples’ behavior shift after Foodpanda was launched. “Back in 2012, people were saying that food ordering is not going to work online, people just order on the phone or in person,” (Read more...)

E-commerce tracking platform AfterShip raises $66M led by Tiger Global



AfterShip launched in 2012 to help online sellers track packages across different carriers, but since then it has built a suite of data analytics tools covering almost every step of the shopping experience, from email marketing to customer retention. The Hong Kong-headquartered startup announced today it has raised a $66 million Series B led by Tiger Global, with participation from Hillhouse Capital’s GL Ventures.

AfterShip’s last round of funding was a $1 million Series A in 2014. Co-founder Andrew Chan told TechCrunch that the company has been profitable since its launch and grew mainly through word-of-mouth referrals and partnerships, like a Shopify integration, that boosted its profile. But the company recently added a sales team and will use its latest capital on international hiring for sales and customer support. It also plans to launch new products and expand further in the United States, where about 70% of AfterShip’s customers are located.

The company’s software enables sellers to track shipments made through more than 740 carriers and handles more than 6 billion shipments each year. AfterShip’s partners with about10,000 companies, including some of the biggest names in e-commerce: Shopify (where it is used by 50,000 merchants), Magento, Squarespace, Amazon, eBay, Etsy, Groupon, Rakuten, Wish and retail brands like Dyson and Inditex.

A branded shipment tracking page and email created with AfterShip's software

A branded shipment tracking page and email created with AfterShip’s software

AfterShip’s core product is its shipment tracking platform, but it also makes apps for shoppers, including self-service returns (Read more...)

Hong Kong-based viAct raises $2M for its automated construction monitoring platform



Hong Kong-based viAct helps construction sites perform around-the-clock monitoring with an AI-based cloud platform that combines computer vision, edge devices and a mobile app. The startup announced today it has raised a $2 million seed round, co-led by SOSV and Vectr Ventures. The funding included participation from Alibaba Hong Kong Entrepreneurs Fund, Artesian Ventures and ParticleX.

Founded in 2016, viAct currently serves more than 30 construction industry clients in Asia and Europe. Its new funding will be used on research and development, product development and expanding into Southeast Asian countries.

The platform uses computer vision to detect potential safety hazards, construction progress and the location of machinery and materials. Real-time alerts are sent to a mobile app with a simple interface, designed for engineers who are often “working in a noisy and dynamic environment that makes it hard to look at detailed dashboards,” co-founder and chief operating officer Hugo Cheuk told TechCrunch.

As companies signed up for viAct to monitor sites while complying with COVID-19 social distancing measures, the company provided training over Zoom to help teams onboard more quickly.

Cheuk said the company’s initial markets in Southeast Asia will include Indonesia and Vietnam because government planning for smart cities and new infrastructure means new construction projects there will increase over the next five to 10 years. It will also enter Singapore because developers are willing to adopt AI-based technology.

In a press statement, SOSV partner and Chinaccelerator managing (Read more...)

Ranked: The World’s Least Affordable Cities to Buy a Home


This post is by Carmen Ang from Visual Capitalist


Least Affordable Housing Markets

Can I share this graphic?
Yes. Visualizations are free to share and post in their original form across the web—even for publishers. Please link back to this page and attribute Visual Capitalist.
When do I need a license?
Licenses are required for some commercial uses, translations, or layout modifications. You can even whitelabel our visualizations. Explore your options.
Interested in this piece?
Click here to license this visualization.

The Briefing

  • For the 10th year in a row, Hong Kong is the world’s least affordable housing market
  • The U.S. is home to a mixture of the most and least affordable housing markets

Ranked: The World’s Least Affordable Cities to Buy a Home

In certain parts of the world, housing prices have risen much faster than household incomes, making home ownership increasingly more difficult for the average Joe.

Using data from Demographia published in 2020, this graphic looks at some of the world’s most expensive housing markets.

The Least Affordable Housing Markets

It’s worth noting that this data looks at housing affordability specifically for middle-income earners. While it’s far from globally exhaustive, it measures affordability in 309 major metropolitan areas across Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, the U.S., and the UK.

In this study, a city’s affordability is calculated by taking its median housing price and dividing it by the median household income.

  • Moderately Unaffordable: 3.1 to 4.0
  • Seriously Unaffordable: 4.1 to 5.0
  • Severely Unaffordable: 5.1+

All the cities on this graphic classify (Read more...)