{"id":29907,"date":"2021-01-05T10:46:12","date_gmt":"2021-01-04T21:46:12","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=29907"},"modified":"2021-01-05T10:46:12","modified_gmt":"2021-01-04T21:46:12","slug":"hong-kong-the-worlds-least-affordable-housing-market-sydney-3rd","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/hong-kong-the-worlds-least-affordable-housing-market-sydney-3rd\/","title":{"rendered":"Hong Kong: The world’s least affordable housing market – Sydney 3rd"},"content":{"rendered":"

PHOTO: Hong Kong<\/strong><\/p>\n

In the world\u2019s least affordable housing market, one in eight homes sold is a nano apartment, a term widely used to describe tiny homes in Hong Kong.<\/p>\n

A record 13% of apartments sold in 2019 were less than 260 square feet (24 square meters), or smaller than two car-parking spaces, according to a\u00a0report<\/a>\u00a0by Liber Research Community released Monday. These tiny units accounted for just 0.2% of total sales in 2010.<\/p>\n

Hong Kong\u2019s sky-high property prices have made it difficult for the younger generation to get on the housing ladder. The city\u2019s property\u00a0affordability is the worst<\/a>\u00a0in the world, topping other housing hot spots like Vancouver, Sydney and Los Angeles.<\/p>\n

Developers in recent years have turned to offering smaller homes to buyers so they can afford them. Even though these tiny apartments can still fetch more than HK$5 million ($645,000), they can barely fit the basic necessities.<\/p>\n

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Housing Burden<\/h3>\n

Hong Kong has been world’s least affordable housing market for a decade<\/p>\n