In crowded Hong Kong, with its skyrocketing property prices, developers are building ever-more miniscule flats with relatively small price tags.
According to the Hong Kong government’s Rating and Valuation Department, close to 83 per cent of the completed housing units this year are small units, defined as area below 753 sq ft. One-third of new homes are below 430 sq ft.
Amid sky-high property price, developers manage to built small flats ranging from about 200 to just 300 sq ft with a small lump sum below HK$4 millions given limited affordability of buyers and tightened mortgage requirement. Most of these residential units are offered as studio flats or one-bedroom flats, they are particularly popular among young professional couples, many of whom are first time buyers and are keen to move into private spaces, because they are located in railway-connected downtown areas.
Among high demand of nano flats, property investors also eye on them as rental income from them are more attractive than that of larger flats.
Extended reading:
“Nano Edition 178, the red-hot new home in Hong Kong” – EJinsight
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