Hong Kong's housing market is famously characterized by extreme density and some of the highest property prices in the world. Consequently, housing affordability is one of the city's most pressing social issues. Approximately half of the population lives in public rental housing or government-subsidized sale flats provided by the Hong Kong Housing Authority and Housing Society.
The private housing market consists primarily of high-rise apartment and condominium towers. Units are generally small by international standards. At the lower end of the spectrum, severe housing shortages have led to the proliferation of "subdivided flats" in older urban districts. Conversely, ultra-luxury detached mansions and premium apartments can be found in exclusive enclaves like The Peak, Repulse Bay, and the southern district of Hong Kong Island.