Daily Management Review

Study: Sales of nano-apartments are growing in Hong Kong


Hong Kong's real estate market, known as the most expensive housing market in the world, is being taken over by nano-apartments. This is reported by Bloomberg, citing a study by the Liber Research Community.

Experts found that in 2019, one in eight apartments (12.9 percent) for sale in Hong Kong was less than 24 square meters or, as the agency notes, "less than two parking spaces." That's an all-time high; by comparison, such apartments accounted for just 0.2 percent of total sales in 2010.

Analysts also noted that the average square footage of nano apartments has decreased by 0.7 square feet since 2010 to 19.8 square feet in 2019. 

Of the 8,550 apartments Liber Research studied, only 5.3 percent had a kitchen but no separate bedroom, and the vast majority (88.2 percent) used the same room for cooking, living and sleeping.

The smallest nano-apartment sold in Hong Kong was 11.9 square meters, and its living space was "less than four double mattresses stacked next to each other," the study noted.

Last January, Hong Kong topped the annual ranking of the most expensive real estate markets for the 10th time. The city's average home price in 2019 was 20.8 times the average household income. By comparison, in Vancouver, which ranked second, real estate is on average 11.9 times more expensive than average incomes.

source: bloomberg.com