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.
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.