A sofa bed inside a nano-apartment show home in Hong Kong. Photograph: Bloomberg
Nano apartments smaller than 2 parking lot spaces accounted for record 13% of sales in 2019 and is expected to increase in demand in 2020 and beyond as young Hong Kong couples see it as their only chance to own their first matrimonial home.
These Nano apartments are usually smaller than 260 square feet (24 sqm) or smaller than 2 parking lot spaces accounted for 0.2% of total property sales just 10 years ago in 2010.
Hong Kong’s sky-high property prices have made it difficult for the younger generation to get on the housing ladder. The city’s property affordability is the worst in the world, as Hong Kong has racked up a 10th year as the world's least-affordable housing market, highlighting the inequality that has helped fuel months of protests. The city topped Vancouver, Los Angeles and Sydney as the most unaffordable housing market in 2019, according to a report Monday by urban planning policy consultancy Demographia.
Developers in recent years have turned to offering smaller homes to buyers so they can afford them. Even though these tiny apartments can still fetch more than HK$5 million (S$645,000), they can barely fit the basic necessities.
These Nano apartments are usually smaller than 260 square feet (24 sqm) or smaller than 2 parking lot spaces accounted for 0.2% of total property sales just 10 years ago in 2010.
Hong Kong’s sky-high property prices have made it difficult for the younger generation to get on the housing ladder. The city’s property affordability is the worst in the world, as Hong Kong has racked up a 10th year as the world's least-affordable housing market, highlighting the inequality that has helped fuel months of protests. The city topped Vancouver, Los Angeles and Sydney as the most unaffordable housing market in 2019, according to a report Monday by urban planning policy consultancy Demographia.
Developers in recent years have turned to offering smaller homes to buyers so they can afford them. Even though these tiny apartments can still fetch more than HK$5 million (S$645,000), they can barely fit the basic necessities.
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Cramped living space has long been a problem in Hong Kong. Low-income earners have resorted to so-called coffin homes that are essentially just a bed space. Some who can’t afford residential rents but prefer a larger space live illegally live in industrial buildings or container homes.
People pay to live in illegal steel boxes in world's priciest property market. A severe shortage of housing in Hong Kong is driving some residents to rent or buy shipping containers as homes. ... The most common type of Markbox's container homes measures 30 square meters and costs around HK$150,000 (S$25,950).
Henderson Land Development Co. was the biggest seller of nano-apartments, accounting for one-third of sales in the period, the report said.
Even though the city’s economy has been under pressure during the pandemic, with unemployment climbing to a 15-year high, the property market remains resilient. Home prices declined just 1% in 2020, data from Centaline show.
People pay to live in illegal steel boxes in world's priciest property market. A severe shortage of housing in Hong Kong is driving some residents to rent or buy shipping containers as homes. ... The most common type of Markbox's container homes measures 30 square meters and costs around HK$150,000 (S$25,950).
Henderson Land Development Co. was the biggest seller of nano-apartments, accounting for one-third of sales in the period, the report said.
Even though the city’s economy has been under pressure during the pandemic, with unemployment climbing to a 15-year high, the property market remains resilient. Home prices declined just 1% in 2020, data from Centaline show.
From Bloomberg news article on 4 Jan 2021
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