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Would You Pay $500K For a 300 Square Foot Condo?

Posted by janepeters on March 13, 2017
| 0

Prices are crazy depending on where you live, but would you pay $500,000 for a 300 sq. ft. condo.

I was recently in Hong Kong and was shocked to learn the cost of housing there. The territory is a total of 1,106 sq. miles with approximately 7.2 million inhabitants.  Needless to say space is limited and you are hit with the image of a mass of skinny skyscrapers as far as the eye can see. In fact Hong Kong has the largest concentration of skyscrapers in the world (a skyscraper being defined as any building over 490 ft.

Hong Kong is one of the most expensive places in the world to live. Even though it has one of the highest per capita incomes in the world, the median property price averaging 19 times the median annual household income.

I visited one unit on the 14th floor of a building in Mong Kok, on the Kowloon side. It has two bedrooms and one tiny bathroom, at around 300 sq. ft. and was purchased last year for approximately $400,000 – $1,333 per sq. ft. The building is very basic with one small elevator.

Location, location, location is Hong Kong. Kinda puts things into a little perspective, doesn’t it.

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