[RawAlex]

HK is pretty much like New York and London - very expensive in the core, not quite so bad when you get a bit away. The real problem is that HK's minimum wage is very low compared to the cost of housing, making the gap seem larger than it really is. Most people here work two or three jobs, and they can do it in part because "domestic helpers" (aka maids) only cost about $600 US a month. Probably 2/3 of the kids in my son's school go in the morning with their je-je (nanny).

Property prices here are up and down too, it's a tough investing market because it's driven mostly by superstition and outside money. The other driver is that there is a 10% or so tax on all real estate transactions minimum, so the resale on a property is always by default 10% higher just to break even. The government rake on things drives the market to a certain extent.