Hong Kong is one of the most highly populated places in the world. The population density in this semi-autonomous Chinese territory is 7,050 people per sq km.
Hong Kong is also a regional financial hub. In 2016, the city was home to a total of 1,379 regional business headquarters who operate beyond its borders.
Although the city houses many wealthy business people, home ownership is out of reach for a substantial number of residents.
For the seventh year in a row, the 13th Annual Demographia International Housing Affordability Survey: 2017 named Hong Kong the world's most expensive housing market.
Hong Kong's private home prices rose 1.2 percent in May from April, according to an index compiled by the Chinese Rating and Valuation Department. That's an overall rise of more than 20 percent from May 2016.
Home prices have jumped 364 percent since 2003.
In 1997, one square metre of an average-sized apartment in Hong Kong would have cost $10,654, according to data from the Hong Kong Rating and Valuation Department.
The same amount of space cost roughly $17,852 last year.
Income inequality is at its highest level in over four decades in Hong Kong.
For many of the city's richest, home is a mansion with an expansive view from the heights of Victoria Peak. But for low-income earners, home is wherever they can find shelter. This might be a metal cage, or a cubicle.
According to the Society for Community Organization, a social welfare group, some 100,000 people in the city live in what's known as inadequate housing.
Inadequate housing means cramped apartments, some of which are no bigger than a parking space. It also means apartments subdivided into tiny cubicles or filled with coffin-sized wood and metal sleeping compartments, as well as rooftop shacks.
Forced by skyrocketing housing prices to live in cramped, dirty and unsafe conditions, their plight challenged Hong Kong's former leader Leung Chun-ying.
Leung took office as Hong Kong's chief executive in 2012, pledging to provide more affordable housing.
Hong Kong's new leader Carrie Lam, who took over this month, has also said she is "very determined" to tackle the high cost of housing.
Hong Kong Chief Secretary Matthew Cheung, the city's former commissioner for poverty, said the government plans to free up land for public and private housing over the next 10 years.
"Property prices have always been a problem and still remain a problem that we need to tackle," he said.
But later, the government admitted it will likely fall short of meeting its housing supply target of building 460,000 flats in the next decade.
Author: Zeynep Sahin