Wednesday, 13 December 2017

Nano Flat Prices Keep Rising

The nano flats are being built in Yuen Long at HK$15,000 per square foot
The prices of flats in Hong Kong keep going higher.

Now nano flats that are 192 square feet are being sold for HK$2.99 million -- in Yuen Long.

Yes Yuen Long, along the West Rail line in the New Territories.

It's part of a development called Park Reach that has 63 units and the average price of a flat there is more than HK$15,000 per square foot. After a maximum discount of 5 percent, the average selling price is HK$14,975. Whoohoo -- a HK$25 savings per square foot. You can get a McDonald's set lunch for that.

The HK$14,975 per square foot price is 10.5 percent higher than the average price of a flat at 50 major housing estates in the city tracked by Ricacorp Properties.

Despite the tiny size, property agents believe buyers will be keen for the units because they can get a loan of up to 85 percent of the flat's value from the developers.

So now developers are also the bankers. Guess the government doesn't think that's a conflict of interest...

By the way the smallest flat is 192 square feet. The largest? 310 square feet.

Talk about real minimalist living...

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