Could co-living be the future for Hong Kong’s youth as property prices rise beyond reach?
Co-living seen as the answer for students and young professionals in need of affordable housing options in the world’s most expensive city for property
Richard Yue, chief executive officer of Arch Capital Management, believes co-living will be the driving force of Hong Kong’s future property market amid demand for affordable housing in the world’s most expensive city for real estate.
Already proven to be a success in Europe and the United States, co-living is a form of shared housing where rent not only covers a room or flat, but also communal spaces and entertainment facilities like restaurants, gyms, bars, libraries, spas and cinemas. The emphasis is on social interaction and entrepreneurship among like-minded millennials.
“Asians want to own as much as they can, but prices have gone to a level beyond affordability for a lot of people,” Yue said. “So what you see is people are less willing to buy, but they still have a housing issue to address.”
Although the concept of co-living in Hong Kong remains in its early stages, the city has seen a few projects.
Bibliotheque, set up by architectural and consultancy practice Synergy Biz Group, opened in Mong Kok in November, providing 166 beds across three five-storey buildings. Rent, which ranges from HK$3,500 (US$450) to HK$5,500 includes bed space, cleaning services and communal facilities.