128 sq feet apartment cost from $400,000 in Hong Kong
May 14, 2017 7:36am CST
Some people call it the mosquito flat. You need to pay more than $400,000 to buy a small apartment of 128 sq feet. Given that a king size bed mattress is about 42 sq feet., those who buy 128 sq feet apartment is buying a space that is less than 3 king size mattress. That is why the housing market in Hong Kong is deemed as the most expensive in the whole world. The ironical thing is that the average wages in Hong are not high, because the businesses can get cheap labor from China. The average salary in Hong Kong is about USD 2,000. While the housing market is way high, many things are cheap in Hong Kong.
Hong Kong's notoriously tiny apartments just became more miniscule
8 people like this
14 May 17
Monaco is nothing to compare to Hong Kong. For one thing, Monaco does not have the problem of dealing with mainland Chinese who want to cross over to work there. Hong Kong is part of China, and yet it has to do its best to stop a flood of immigrants from mainland China. It has already more than 7 million people without providing jobs for 1.3 billion Chinese.
15 May 17
@LadyDuck yes, the price is about the same, though the earning power is not the same. The average salary in Hong Kong is so low, yet the housing price is so high. That is the reason for the protest taken place last year, when the young people took action to show their frustration with the housing price. Hard to imagine a young couple having to save up 15 years just to make downpayment for such a small flat.
• Guangzhou, China
15 May 17
I know the real estate market goes crazy in Hong Kong and China. If people who had a hundred square meters home in Hong Kong, they were already very rich. Yesterday afternoon when I rode a bike with my husband along the river side. There were several real estate agents who were there. I just glanced at it. About a hundred apartment costs at least 5,000,000 yuan. And Guangzhou's real estate is still not as crazy as Beijing and Shanghai. I wonder who can afford it.
14 May 17
Food is cheap. Public transport is cheap. Generally tourists go there for shopping, since you can get good quality dresses, shoes, bags, cosmetic at very affordable price. The corporate tax in Hong Kong is only 16.5%, so the businesses can pass the cost down to the consumers. Hong Kong does not have VAT.
14 May 17
@MALUSE No, not at all. You can take a look at the pictures there. It is already an improvement over the "boat house" people. Hong Kong is a very small place with 7 million people crammed into a total land area of 1,106 square kilometres (427 sq mi). The worst is that it has a mountain range that limits the area for building residential towers for the residents.
LI SUET-WEN’S dream home would have a bedroom and living room where her two children could play and study.
16 May 17
I was once watching a documentary about housing in hongkong. there was this particular flat was it was so cramped - very small and the people were commenting about how difficult it is for them to live in there but they have too. No about those flats which are high priced I am just wondering that if the labour is cheap so who is buying them?
16 May 17
Most people cannot afford to buy an apartment. They rent. Sometimes an extended family will pool the money and buy a small apartment to house a lot of people. Imagine having grandparents, parents, and a few children living under one roof. In this case, they can afford the apartment because of pooled savings, but it will be very miserable for all.
17 May 17
@Bluedoll The locals who are middle class or lower income probably cannot afford to pay, unless the whole extended family is buying the small apartment. The real for the high price in Hong Kong is partly due to the small area of Hong Kong, and partly due to the fact that rich foreigners are buying up the property. In Asia, extended family often live together. you can have grandparents, parents, children and probably one or two uncles or aunts who are single to live together. The Asia culture is that singles do not move out. They live with their parents. Parents often live with the family of a son, because that is also part of culture of taking care of aging parents. So it is possible that lower income class can afford to pay for the apartment as long as they have 3 or 4 working adults.
16 May 17
Another thing about Asia is that a family does not just mean husband and wife and kids. It can mean the whole extended families. So having 128 sq feet apartment for grandparents, parents and children living together can be a norm rather than an exception.