Posted by Rapti Gupta on Jan 16, 2013 05:58 AM EST

Hong Kong’s Superstitions fade on the Housing Market

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With the real estate of Hong Kong in boom, "Hongzas" are selling at a low discount rate. Demand for these homes are rising irrespective of their notorious and spooky history. (Photo : Sean MacEntee / Flickr)

With brand new high-rises and constructions in Hong Kong, the real estate market is in a boom. The demand for homes is so strong that even superstitions are not deterring an escalation in home prices in the city.

"Unlucky Houses" or "Hongzas," as they are popularly known in Hong Kong, are said to be inhabited by ghosts and prove unlucky for anybody who lives in these homes. Citizens believe that living in these houses without performing satiating rituals can even be fatal for the occupants. They also believe that a home which has a suicide, murder or crime history, vibrates with negative energy and can bring bad luck.

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Ng Goon Lau, a property investor, is visibly annoyed with the housing boom.

In an interview with the Wall Street Journal, Lau said that usually, these homes sell at a high discount. He used to buy these spooked properties for a 50 percent discount and sell them at a greater profit. However, with the realty market experiencing new highs, these homes are only selling at a 5 percent discount now.

Lau's has also been facing some strong competition from websites like squarefoot.co.hk that list Hongzas for sale.

"The Amityville Horror" kind homes' demand has gone up in the city, with more number of people looking to relocate to the place. Rental figures of these houses have gone up by 60 percent in the last four years. For expatriates the discounts are delightful as some of the best properties sell for  around 40 percent less than their original price.

Hong Kong's property prices are among the highest in the world. The government has been trying to cap the uncontrollable growth in the sector by introducing higher duty rates and tightening mortgage rules. Sales of homes are expected to accelerate further.

So, haunted or not, housing prices are going to go further up and there is nothing the ghosts can do about it.

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