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Cost of Living in Hong Kong

Hong Kong most definitely deserves its reputation as being an expensive city. Whether or not you think it is more so than other places depends on your outlook, lifestyle and circumstances. The cost of living in Hong Kong is notably high compared to several other Asian regions. It used to rank among the top three in the past two decades in having the highest cost of living. Living in Hong Kong is 50% more expensive than Thailand and 20% more expensive than Singapore and Guangzhou. The shortage of land is a major factor in the high property prices, particularly on Hong Kong Island. Healthcare is also very expensive. Vehicles and some consumer items are also elements that add to the costs due to their inflated prices.

Everything in Hong Kong can be expensive from apartment rentals to leisure expenses to basic commodities. People relatively earn more, with an inflation rate of 2% as well due to the fast-growing trade and commercial industries Hong Kong is the richest state of the Republic of China and has higher gross domestic product per capita than the United Kingdom.

Food and beverages in Hong Kong are expensive since almost all materials and raw ingredients come from Mainland China and other nations. The state relies heavily on imported goods and products for daily consumption of citizens. On the average, an individual can spend around €300 for food and drinks.

Imported meat products and canned goods and fresh fruits and vegetables are very expensive and can cost twice as much compared to other Asian countries. Dining out in a middle class restaurant costs about €80. Hong Kong does not export any food or agricultural product.

Beverages are also expensive including water, which is primarily bottled and imported from Switzerland and other European regions. Hong Kong has a lot of imported wines, beers, tea and coffee products. All of these come from either Mainland China, which can be comparatively cheaper, or other Western countries. Wheat and grain products are imported from China, meat and poultry come from Australia and fruits and vegetables come from Thailand and the Philippines.

As Hong Kong is very much a part of China, expatriates get to enjoy affordable China-made wares and accessories. These are available in wholesale or bulk in most flea and night markets in downtown areas as mainlanders boosted retail sales in the territory. Jewellery, gadgets and electronics are also very cheap but quality is questionable since some are not made of durable material. Overall, footwear, clothes, cosmetic products and other accessories are one of the advantages in Hong Kong making it an automatic shopping destination.

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