Three out of 10 HK flats under construction are now ‘mini-flats’ as home prices soar beyond the reach of general public
Building started on more than 3,200 flats at less than 200 square feet in size in the first five months of 2017, that’s 30pc of the total new flats currently under construction
Three out of 10 units under construction right now in Hong Kong are micro-flats, sized less than 200 square feet, as prices for anything much larger soar beyond the reach of the average buyer.
More than 10,470 units in 26 private residential projects were approved by the Buildings Department to begin work in the first five months of the year, according to a survey by South China Morning Post.
Building plans for these approved projects show more than 3,200 flats are less than 200 square feet in size, 6 per cent more than at the same time last year, and 30 per cent of total new flats currently under construction.
“I won’t be surprise seeing more nano flats coming onto the market,” said Lawrence Poon, senior lecturer in Building Sciences and Technology at City University of Hong Kong.
“Developers will produce units that can sell and are building smaller unit sizes. Higher prices can be generated by developers in terms of dollars per square ft.”