Property is a hot topic in Hongkong, the skyrocketing property prices means that the dream of owning real estate in the city remains just that for many. Hongkong Housing Market Sees Rise in Demand. It has made it difficult for people with less purchasing power to buy a home. So the potential home buyers have started looking for low lump sum prices rather than a low price per square foot, according to Buggle Lau, chief analyst at Midland Realty.
Hongkong Housing Market Sees Rise in Demand. Home prices in Hong Kong climbed 14 percent this year, this rising home prices in Hongkong have buyers turning to tiny apartments, the Centaline Property Centa-City Leading Index shows.
In fact, according to Centaline Property senior research director Wong Leung-Sing the shrinking family sizes are also contributing to the rising popularity of tiny homes. The number of one-person families in Hong Kong has been also growing rapidly. Hence, for those who live alone, do not need that much bigger space.
The world’s least-affordable housing market saw transaction volumes for residential units no bigger than 300 square feet jump 52 percent during the first eight months of the year compared to the same time in 2017, according to data from Picacorp Properties cited by Bloomberg.
Those 300-square-foot spaces are smaller than two parking spaces, and now make up 12.4 percent of total apartment sales in Hong Kong, up from 9.3 percent last year.
In New York City, the minimum size of an apartment is 400 square feet. There are exceptions, though, such as Carmel Place on East 27th Street, which opened as the city’s first micro-unit apartment building in 2016. Read more