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With mortgage rules relaxed and more subsidised flats released, demand for small private flats has fallen, causing developers to start switching to mid-sized housing. But for all Hongkongers to be able to ‘live bigger’, the land and housing shortage must be tackled at the root.
Developers were only able to sell 48 per cent of the nano flats available from January to November, versus 53 per cent for one-bedroom units and 67 per cent for two-bedroom units, according to Midland Realty.
Chairwoman of authority’s subsidised housing committee remains hopeful shoebox flats will sell, others are less optimistic.
The policy would make larger abodes more affordable to first-time buyers, helping to remove so-called nano flats as the sole property type within their financial reach.
Hong Kong’s strong first weekend property sale this year showed that demand for residential projects remains strong, as more young homebuyers enter the market.