Real Estate

Hong Kong to curb purchases of more than one flat to rein in prices

Why is Hong Kong housing so expensive?

The Hong Kong government said on Tuesday it will curb purchases of more than one flat by individuals using one legal document in a bid to cool sky-high property prices in one of the world's most expensive real estate market.

Home prices in Hong Kong have jumped 364 percent since 2003, while the median monthly household income has risen just 61 percent, pushing home ownership out of reach for many.

Hong Kong last introduced property cooling measures in November 2016, raising stamp duty on property transactions for the first time in three years but the measures had little impact.

Hong Kong
Jerome Favre | Bloomberg via Getty Images Restrictions