Hong Kong housing is widely known to be among the most expensive in the world. Less well known is that it is possible to buy a small flat for just HK$500,000 - though not without taking some risks.
In per square foot terms, that is even cheaper than a unit in neighbouring Shenzhen on the mainland, and agents said that, with a little research, first-time home seekers armed with a budget of just half a million dollars might find a tiny home.
The most likely targets in that price range will be units on offer in sub-divided village houses more than 10 years old in locations such as Yuen Long, Tin Shui Wai and Lantau Island, some of which even come with rooftop access.
'The small lump sum involved is not only attracting end-users but also investors betting on upside potential in the event of a market boom,' said John Mo, a sales manager at Skyworld Realty Consultant, which focuses on broking village houses.
But a lawyer warns that buyers on a sub-HK$500,000 budget may find that the 'cheap' home they are being offered may not be legal.
A case in point is a 175 sq ft unit with a 175 sq ft roof top at 18-year-old Tian Li Garden in Tai Tong, Yuen Long, being offered by Mo's agency at about a third below market value.