- Title
- The Impact of the Nano Flats Development in Developed Cities: the Evidence from Hong Kong
- Creator
- Sing, Michael C. P.; Mak, Michael Y.; Yi, L. Y.
- Relation
- 26TH Annual Pacific Rim Real Estate Society Conference. Proceedings of the 26th Annual Pacific Rim Real Estate Society Conference (Canberra, Australia 19-22 January, 2020)
- Relation
- http://www.prres.net/Papers/Sing_Impact_of_the_Nano_Flats_Development.pdf
- Publisher
- Pacific RIM Real Estate Society
- Resource Type
- conference paper
- Date
- 2020
- Description
- Hong Kong has been ranked as the most expensive housing market in the world in the recent years. As property prices spiral upwards in Hong Kong, the race is on to build smaller and smaller apartments. The downsizing of flats comes in the midst of continued rise in property prices in the city, which has made it increasingly difficult for people to own a home. Tiny apartments, nicknamed as “Nano flats” with floor areas between 12 to 18 square metres, are the latest trend in the real estate development in Hong Kong. It is just big enough for a bed, a small bathroom and a kitchenette. From the real estate perspective, it is essential to explore to what extent does this situation affect Hong Kong society. Property developers seize every chance to develop tiny new flats with plenty of supply to the public. Many factors are affecting the demand, such as the changes in population and income level, facilitating the growth in Nano flats, to cope with this changing environment. This paper aims to provide a systematic analysis of the growing supply and demand in Nano flats in the Hong Kong real estate market. The research findings showed that the Nano flat development could facilitate many first-time buyers as the property price is much affordable. However, the problem of imbalance caused in terms of the extra load on community facilities and overcrowding stimulated by this type of flats’ rental market should not be underestimated.
- Subject
- nano flats; tiny apartment; Hong Kong; real estate market
- Identifier
- http://hdl.handle.net/1959.13/1445811
- Identifier
- uon:42679
- Language
- eng
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