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Hong Kong has set a minimum house size to counter the “nano-apartment” trend

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HONG KONG, Dec. 30 () – The Hong Kong government said on Thursday that it will set a demand of at least 26 square feet (280 square feet) for each house built on the land from future sales – equal to two parking spaces.

The measure is expected to cover land sales for the entire fiscal year, which begins in April, as Hong Kong seeks to counter the “nano-apartment” trend in one of the world’s most expensive property markets.

“This is in response to citizens’ demands to live in a larger space, ”Development Secretary Michael Wong said Thursday.

According to Wong, the new requirement will be met in the first quarter of 2022 to sell state-owned land in New Territories, as well as elsewhere sold by MTR Corp.

Homes less than 26 square feet have accounted for about 13 percent of the total private home supply in the past five years, he said.

Since the former British colony returned to Chinese rule in 1997, making housing cheaper has been a priority for all Hong Kong leaders, although owning a home has long been a dream for many.

Hong Kong and Beijing officials have long blamed affordable housing in the region for deep protests that helped intensify anti-government protests in 2019.

Chinese officials are also concerned about the cramped conditions of some residences, particularly split apartments and “cage houses” – wire mesh huts stacked on top of each other.

In November, private home prices in Hong Kong fell for a second month after official data released on Wednesday, but realtors expect the real estate market to grow by 10% in 2022. Barbara Lewis)

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