Europe or Asia is a matter not only of taste, but also of the wallet. The Dutch classicism that permeates every house in Amsterdam cannot be compared with either the ancient pagodas or the multi-story glass skyscrapers of Hong Kong. These two cities truly go together like yin and yang. At least externally and culturally. Is the difference in prices that big? Let's check it together.
Small center of a big economy
Self-sufficient Hong Kong is territorially part of China, but even the status of a special administrative region of the country cannot dull its individuality. It is recognized as one of the most developed financial centers in the world, so it is not surprising that the rating of cities with the most expensive real estate, it takes an honorable third place. It is no longer copper, but gold that Hong Kong receives for the incredible number of skyscrapers that somehow manage to blend harmoniously with the historical sights of past centuries. You already guessed that not everyone can afford life here. But what the hell isn't it? Perhaps your enterprising mind has enabled you to earn enough money to conquer this multinational economic capital.
The most budget option is renting a one-room apartment. Prices in the center and on the outskirts of Hong Kong differ quite strongly:
- center – $2,300/month;
- less prestigious areas – $1,600/month.
For a family, even the most spacious one-room apartment will be tiny, so it is reasonable to zone the space and divide it between adults and children only a three-room apartment will allow:
- center – $4,700 per month;
- other areas – $3,150/month.
With such a rental, it is easier to buy real estate than to pay fabulous sums for it every month. Let's start again with the most accessible segment. A one-room apartment in the heart of Hong Kong will cost $43,700/m², which is not so little. But at a short distance from the most prestigious areas, the price tag is several times lower - a one-room apartment can be found for $18,700/m². How affordable is this housing for the average Hong Kong resident? The cost of just one square meter exceeds four average salaries - $4,200. Of course, living in one of the most developed cities in the world, you don’t want to settle for small things, so to buy more luxurious apartments you can use a mortgage at 3.85%. Attempts to recoup the amount by renting out an apartment will take a long time because yield is only 1.86%.
With red lanterns, but without red flags
Canals, colorful houses, hundreds of bicycles on the side of the road and promising red lights - all this is Amsterdam. Living in the same city with the largest collection of paintings by Vincent van Gogh makes everything around you play with completely different colors. Amsterdam is an incredibly contrasting metropolis, which is divided into two parts - before sunset and after it. As soon as the heavenly body turns a blind eye to people’s pranks, crowds of tourists in museums give way to queues at bars and clubs. It is difficult to imagine a more rich and varied cultural program. We are sure that you will cope with your search for entertainment without any problems, but we will try to help you with the selection of housing.
Regular Hong Kong prices here would be considered a robbery. Renting an apartment costs a little, but still less:
- one-room in the center – 1,900 €/month (≈ 2,067 $/month);
- one-room apartment in less prestigious areas – 1,520 €/month (≈ 1,653 $/month);
- three-room apartment in the center – 3,050 €/month (≈ 3,318 $/month);
- treshka on the outskirts – 2,300 €/month (≈ 2,502 $/month).
What to buy? Here, Amsterdam was definitely able to outdo Hong Kong because buying a home is almost five times more affordable. Thus, prices for living space in the center remain at an average of 8,400 €/m² (≈ 9,137 $/m²). The same one-room apartment in a quieter and more remote location will cost 5,500 €/m² (≈ 5,982 $/m²), which is three times less than in the economic center of the world. Salaries in Amsterdam are also slightly lower – 3,500 € (≈ 3,807 $). At the same time, the mortgage interest rate cannot boast the same pleasant trend that we have observed all this time when comparing China with Holland - it is 3.96%. Don’t rush to give up buying the property you like. It will be much easier to recoup its value because the rental yield reaches 4.60%.