Undeserved High Real Estate Prices in Hong Kong.....

High end real-estate in Manhattan goes for US$26 a square foot a year. That equates to 26*7.8/12=hk$16.90 a square foot equivalent a month. Hong Kong so-so real-estate that is considered high-end, trades for an almost 50% premium to that! Nationally in the US, apartments average rent is US$14.53. That equates to 14.53*7.8/12=hk$9.44 per square foot. One would be hard pressed to find a place that rents for that price here in Hong Kong.

Additionally, the square footage that one pays rent for in Hong Kong includes all kinds of useless space. Efficieny ratios are generally around 70%. This means that if you rent a 1,500 square foot place, one only get around 1,050 square feet of space.

I just don't understand why prices are so high here and why people in Hong Kong tolerate this.