Mismatch between tenure preference and housing options? : a study of young adults in Hong Kong

Abstract

The housing demand of young people is important for the sustainable development of the housing market as a source of renewed liquidity. However, nowadays in Hong Kong, many of the young adults found difficulties in purchasing their own home in the booming housing market.

By interviewing 14 young adults in Hong Kong for understanding their housing aspirations and housing constraints, this paper argued that the above situation is caused by a “gap” existing between the tenure preference of and the housing options available for the young adults in Hong Kong. It is further argued that the “gap” is constituted by the oligopoly housing tenures system in Hong Kong in which owner occupied housing is promoted as one of the dominating housing tenures, which is beyond the financial capacity of most of the young adults.

This paper recommended that the Government should provide assistance for those in need of housing for marriage at top priority. Also, the Government should optimize the use of existing housing units by increasing the tenure opinions and enhancing the mobility of the housing market, particularly by energizing the role of private rental housing in Hong Kong.