When I was checking for new threads on my phone, I seriously thought this question was “Why would one buy a HK property which is les than 300 sq ft?”
When I was checking for new threads on my phone, I seriously thought this question was “Why would one buy a HK property which is les than 300 sq ft?”
I started to draft a few answers when I saw your question
1) I want to get rid of my parents (as in just move out, not bludgeon them then dump them in the nearest park)
2) I don't have the Bank of Mom and Dad backing me up with a down payment for a 2-bedroom flat in Tseung Kwan O or Ma On Shan or god knows where the new flats are built these days
3) I want to have a home and also keep my seasonal trips to Japan to see sakura, red autumn leaves, dip in some onsen, run a marathon or two and take enough photos for some real Instaenvy among my peers
4) I could be an investment buyer who wants to capitalise on the types of people in 1, 2 and 3. (Assuming the rate of return is lucrative for such an investment to take place)
etc.
With all the financial incentives property developers offer prospective buyers, it is easier to get your foot on the property ladder via a new flat than a used flat and developers have shifted towards building nanoflats in recent years for various reasons.
the term use in hk press is 'the property for one to board the bus'... i.e. you need to start with something, then after that you can continue to upgrade by selling this and buying a bigger one.. etc.etc..
essentially the whole logic to help the largest number of parasites (property agents) in the city survive...
actually the government should take back the land after 2047 or 2097 whatever the case may be
otherwise you create a more entrenched land-owning aristocracy over time, and enslave a bunch of land-working peasants /serfs.
at least by redistributing the land (of course being very clear upfront properties are leasehold), you even out the inter-generational unbalanced accumulation of wealth. and maybe housing becomes what it was originally supposed to do - ie house people and give people shelter, instead of instruments of speculation
that would be good for society.
Lets revisit this sentiment in '47.actually the government should take back the land after 2047 or 2097 whatever the case may be
go hear the debate in singapore on expiring leases.. even though singapore is still much further than 2047...
it gets super sensitive when land is the concern.