Recent stats show that the property heirs in Hong Kong are criticizing the land policies of the local government while suggesting the overhaul considering increased priorities of industry leaders towards housing problems in the most affordable residential market of the world.
Some local heirs in the city reveal that most of the traditional systems and procedures are time-consuming, and many of them have now become obsolete as well. Moreover, the current generation does not want to get involved in such issues, which leads to the present situation in the real estate market. The local heirs with this type of opinion are also accompanied by scholars and lawmakers these days; they are all eager to urge immediate changes to the land policies so that ongoing housing shortage issues can be addressed.
The home prices in Hong Kong are expected to break this year’s record. The demands for the new homes may outweigh the supply within the city, especially in the areas where land is precious, and the government agencies prefer to sell lands via auctions to potential developers.
While attending an event, one representative of the Real Estate Developers Association in Hongkong said that the government is not taking the full benefit of already existing land resources. As per his expertise, he suggests the development of some buffer zones on the available land with some green belts and wetland areas. These natural spaces may help to prevent encroachment by developers to implement urban designs.
He also suggested that government should not restrict the process of the private housing projects in the newly created development areas, and the already planned infrastructure and the road must be completed on time.
Experts state that it is rare for any property executive to implement an extensive range of changes publicly in the existing government policies of the city, especially in the areas where developers are blamed for rising home prices.
Note that few top-rated real estate companies, such as Sun Hung Kai, etc., hold farmland of an estimated 100 million square feet dimension, which is a clear sign of land hoarding. However, even after this, an extensive portion of the land area is either owned by the government, or it includes the ancestral lands of various indigenous people.
Few experts in the real estate field in Hong Kong believe that the housing problems in the cities will increase by a considerable level in the year 2049 because society and the economy are expected to prosper with the impact of national security law.
Although the procedures for infrastructure construction and planning are improved by a certain level within the past few years, the government still lacks in terms of policies and a team of experts to solve potential issues in this field. With this, the supply of new residential units within the city is declining. All this leaves a considerable impact on the overall pricing of the real estate market in Hong Kong. The housing market in Hong Kong creates a huge political burden with only 52% actual apartment owners.
This is the main reason why heirs have started protesting to alter the initial procedures and protocols for the real estate market.
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