A lot of factors put pressure on the property sector. Aside from climate change, these are 4 other pain points in the industry.
1. Ageing population and ageing buildings
Not only is the population ageing in Hong Kong, but buildings too. Taken together, it presents another unique challenge. Old buildings usually only have stairs, presenting accessibility challenges for the ageing population and other differently-abled people. Older buildings also tend to have worse ventilation and smaller spaces, creating a rather hostile living environment for the elderly, especially in the hot summers.
How might we create more accessible living spaces for the ageing population?
How might we retrofit our ageing buildings to suit the needs of their inhabitants?
2. Low housing affordability
Hong Kong is the least affordable housing market from 2019-2021 among 92 major markets. The average waiting time for public housing in Hong Kong rises to 6.1 years in 2022, which is the highest in more than 2 decades. Plus, cage homes and subdivided flats in poor conditions are still rampant. Still, these cubicles appear to be the only viable option for 220,000 people in Hong Kong.
How might we create more affordable and accessible housing?
How might we create liveable conditions for the poorest?
3. Public health crises
With the ongoing Covid-19 situation in Hong Kong, we have seen vertical transmission happening in the densely populated high-rise residential buildings. Also, living in small homes, often with shared kitchens and bathrooms, makes transmission within a family common. What’s more, being stuck in a small place during quarantine is also detrimental to mental and physical health.
How might we create buildings that are “pandemic-proof”?
4. Troublesome transaction processes
The traditional home-buying process is cumbersome and time-consuming. With the call for digitisation, there has been an increased demand for online-to-offline (O2O) platforms for real estate transactions.
How might we streamline home-buying processes?
Conclusion
More and more, governments are being held accountable to face these challenges before it is too late, but we also need passionate individuals like you to help address them. Individual ideas are so powerful! And we want to help you bring those to life. Join The DO Property Innovation Challenge to co-create a happier and healthier Hong Kong together.
