香港被評為全球最昂貴的城市之一，尤其在住房成本方面，主要原因在於其獨特的地理與經濟結構所造成的長期供需失衡。香港的土地極度稀缺，平地面積有限，而山地與海岸線的限制使得可供開發的土地幾乎處於「供不應求」的狀態。這種地理限制直接推高地價，進而拉高整體房價；同時，香港作為國際金融中心，擁有龐大的資金流入與國際投資需求，進一步加劇了房地產市場的競爭，尤其豪宅市場更是價格飆升的主要驅動力之一。

此外，香港人口密度極高，城市發展在有限空間內需要容納大量人口，導致住房需求長期保持強勁。儘管香港政府在過去數年持續推出不同的土地與房屋政策，但由於可開發土地稀少、行政程序複雜、以及部分地區的規劃限制，供給端難以快速擴張，這也造成市場長期處於「需求遠大於供給」的狀態，使得房價與收入之間的差距持續擴大。

作為國際金融中心，香港吸引大量國際資金進入，這些資金往往追求高價值資產以保值或增值，房地產成為最典型的投資工具之一。尤其在全球低利率時期，投資者對於「硬資產」的需求提升，香港的豪宅與核心地段房產因其稀缺性與穩定性，成為資金集中投入的主要標的。這不僅推高市場的整體房價，也造成部分區域的價格被「資本溢價」推至極高水平，進一步拉大社會的住房負擔差距。

香港的建築與開發成本也同樣高昂。由於地價本身就處於高位，再加上建築材料、人工成本、規劃與監管要求等因素，使得建築成本持續上升。換句話說，香港房價並非僅反映土地價值，還包含高昂的開發成本與工程費用，導致「土地與建築成本共同推升房價」的現象非常明顯。有時人們會形容香港的房價結構像是「麵粉比麵包還貴」，因為即使原料成本上升，最終房屋價格仍被資本與市場預期進一步放大。

在高成本的結構下，香港的生活開支也普遍偏高，尤其是金融與專業服務領域。香港的律師費、會計費用、金融服務成本在全球均名列前茅，這些服務成本的上升會逐步反映在其他商品與服務價格中，進而推高整體消費水平。再加上香港整體薪資水平偏高，許多行業的收入與消費能力較強，也使得商品與服務的價格水準隨之上揚，形成一種「高收入帶動高消費」的循環。

即便在近年房價出現波動，例如自2021年高點有所回落，香港的住房負擔能力仍然是全球最差的城市之一。即使房價下降，房價與收入的比例仍遠高於許多國際城市，使得普通家庭在置業上仍面臨巨大壓力。這也解釋了為何香港即使在樓市調整期間，仍被評為全球最難負擔的城市之一，居民的生活成本與住房壓力長期居高不下。

Hong Kong is considered one of the most expensive cities in the world, especially in terms of housing costs, and this is mainly due to a long-term imbalance between supply and demand caused by its unique geographical and economic structure. The city’s land is extremely scarce, with limited flat land, and mountains and coastline constraints leave very little developable space. This geographic limitation directly drives up land prices, which in turn pushes up housing prices. At the same time, as an international financial center, Hong Kong attracts massive capital inflows and global investment demand, further intensifying competition in the real estate market—particularly in the luxury housing segment, where prices have surged significantly.

In addition, Hong Kong has a very high population density, and the city must accommodate a large population within a limited area, which keeps housing demand persistently strong. Although the government has introduced various land and housing policies over the years, the scarcity of developable land, complex administrative procedures, and planning restrictions in certain areas make it difficult for supply to expand quickly. This creates a long-term market condition where demand far exceeds supply, causing the gap between housing prices and income to continue widening.

As a global financial hub, Hong Kong attracts substantial international capital, which often seeks high-value assets for preservation and appreciation. Real estate is one of the most typical investment tools. Particularly during periods of low global interest rates, investor demand for “hard assets” increases, and Hong Kong’s luxury properties and prime locations—due to their scarcity and stability—become primary targets for capital inflows. This not only raises overall market prices but also drives certain areas to extreme levels through “capital premium,” further widening the housing affordability gap.

Construction and development costs in Hong Kong are also extremely high. Since land prices are already elevated, combined with the high cost of building materials, labor, planning, and regulatory requirements, overall development costs continue to rise. In other words, housing prices in Hong Kong do not merely reflect land value; they also include high development and construction costs. As a result, the phenomenon of “land and construction costs jointly driving up housing prices” is highly pronounced. People sometimes describe Hong Kong’s housing market as “where flour is more expensive than bread,” because even when raw material costs rise, final housing prices are further amplified by capital and market expectations.

Within this high-cost structure, overall living expenses in Hong Kong are generally high, especially in the financial and professional services sectors. Legal fees, accounting costs, and financial service charges in Hong Kong rank among the highest globally. Rising service costs gradually affect the prices of other goods and services, thereby raising overall consumer price levels. Coupled with relatively high wage levels, many industries have strong income and spending power, which pushes prices upward and creates a “high income driving high consumption” cycle.

Even though housing prices have fluctuated in recent years—for example, dropping from the peak in 2021—Hong Kong remains one of the least affordable cities in the world. Even with price corrections, the ratio of housing prices to income remains far higher than in many international cities, making homeownership extremely difficult for ordinary families. This explains why Hong Kong continues to be ranked among the most unaffordable cities globally, with residents facing persistently high living costs and housing pressure.