Hong Kong is known as the costliest real estate market in the world and demand has increased considerably for micro apartments here. Transaction volumes have increased by 52% in the first 8 months of 2018 for residential housing units which are sized up to 300 sq. ft. at a maximum as per reports. The growth has been handsome as compared to the same period last year. 300 sq. ft. apartments are usually smaller in comparison to a couple of parking spaces and now contribute a whopping 12.4% of total sales volumes of apartments in Hong Kong in comparison to 9.3% in 2017.
The sharp increases in prices of residential property have made it tougher for those who have lower purchasing power to buy their own homes as per experts. As a result, prospective buyers are now seeking lower lump-sum prices as compared to lower prices per sq. ft. This year, home prices have increased by 14% in Hong Kong according to several studies and reports.
The shrinking sizes of families is another trend contributing to growing demand for micro homes here as per reports. There has been a rise in the number of one-person households in Hong Kong as seen in many studies and these individuals do not require larger spaces. In New York City, the minimum apartment sizes are 400 sq. ft. although projects like Carmel Place, East 27th Street have micro-apartments available for buyers.
