Hong Kong will build artificial island to solve housing problem. Due to lack of land will be building artificial island of Hong Kong living shortage of housing. Hong Kong artificial island project will try to solve the housing shortage.

Hong Kong, which has the most expensive real estate market in the world, is looking for a solution to housing shortage due to lack of space. The Hong Kong government wants to make more than 1 million people home owner with its artificial island project. The government will build an island five times larger than Manhattan.

This project is located in 2 locations around the world. One of them is the Palm Friday and Palm Islands in Dubai and Forst City in Malaysia. Artificial islands in Dubai and Malaysia were built due to housing shortages.

The project, however, caused political debate. The main reason for the discussions is the concerns over the prices of new housing. According to South China Morning Post’s report, it is expected to cost at least 500 billion Hong Kong dollars ($ 63.8), with the possibility of double the planned project.

Apart from these, the government is accused of choosing an ecologically underdeveloped region. A survey conducted last November shows that 49 percent of the locals oppose the project.

The Hong Kong government says that the island project will build renewable energy, environmentally friendly green buildings.

Source: bloomberg

Sevdenur Demir / realestatecoulisse.com

Mail: [email protected]