The pan-Asian housing market is broken, and the dream of owning a home is increasingly out of reach for young Asians. There are two major things that contribute to the high housing prices around Asia. First, the rapid urbanization of people migrating from the country to the city. By 2030, 66% of East Asians will live in urban areas. Lastly, Foreign investors are purchasing land and building high rise buildings that cater to high income people. Cities like Hong Kong have the highest rent prices in the world, and in Taiwan housing prices are 2x more than homes in New York and London. In Singapore, the housing development board offers subsidized housing to residents, but these programs often neglect working immigrants and non-hetrosexual couples. Young people are working hard and disheartened by their limited options.
The pan-Asian housing market is broken, and the dream of owning a home is increasingly out of reach for young Asians. There are two major things that contribute to the high housing prices around Asia. First, the rapid urbanization of people migrating from the country to the city. By 2030, 66% of East Asians will live in urban areas. Lastly, Foreign investors are purchasing land and building high rise buildings that cater to high income people. Cities like Hong Kong have the highest rent prices in the world, and in Taiwan housing prices are 2x more than homes in New York and London. In Singapore, the housing development board offers subsidized housing to residents, but these programs often neglect working immigrants and non-hetrosexual couples. Young people are working hard and disheartened by their limited options.