Ever wondered how space compares between your city and other places around the world? Many urban city dwellers may look around at their home and think, I wish I had more room! But pay a thought to those in Hong Kong where the housing market is way out of reach for most people.
According to the 2017 report from Christie’s Global Luxury Real Estate, “Hong Kong ranked as the world’s most luxurious housing market, followed by New York and London.” We wanted to see how luxurious this market is. We’ve searched for homes from those three major cities; Hong Kong, New York and London to compare how much space you get for one million US dollars in each city. If you’re wondering how your home scales up to these cities, time to take a tour through these six apartments!
According to Christie’s report, “luxury sales, particularly in prime central London, were hit with four issues in 2017: Brexit, stamp duty land tax, a rise in interest rates, and a snap general election.”
London and the Greater London area surrounding it has double the land size compared to New York City, despite having a similar population size. Although an apartment may have more space, the cost of buying one is on average $1,632.31 USD per square foot.
606 Sq Ft, South Kensington
South Kensington is an affluent area of West London, known for its big museums and exclusive real estate. We found a one bedroom million dollar apartment. It’s 606-square-feet (56m²) with an open plan kitchen and living room area. The living room is divided strangely into two spaces, including a lovely dining space by the window.
1000 Sq Ft, Hackney
On the other end of town, the East London district of Hackney has up-and-come, making itself a popular neighborhood close to the centre of town, near Columbia Road Flower Market and trendy Shoreditch. We found a two bedroom apartment that measures approximately 1,000-square-feet (92m²). It even includes a patio space.
New York is cheaper than London, at $1,280.41 per square foot for city center apartments. But it can still be a tricky job to find the perfect place.
750 Sq Ft, in West Village
This 750-square-foot (69.6m²) apartment in West Village is fairly spacious, with a full size bedroom and a renovated lobby.
706 Sq Ft, in East Village
This 2007 condo we found in East Village has a fully fitted kitchen, a spacious ceiling which offered mezzanine space for the bedroom, one and a half bathrooms, and 706 square feet (65.5m²) of space.
For the eight year in a row, Hong Kong is one of the least affordable housing markets, where prices for homes can cost 19.4 times the amount of the average salary. In this densely packed city, it’s no wonder architects and designers are coming up with interesting solutions and houses are generally described as micro-apartments measuring smaller than 200 square foot. On average, buying an apartment here costs $2,581.09 USD per square foot, which is double that of New York.
209 Sq Ft, Pok Fu Lam
Earlier this year, an as-yet uncompleted 209-square-foot apartment sold for one million USD. That’s $4,796.93 per square foot. It’s not surprising that few Hong Kongers feel like they can ever afford to own a home when prices continue to soar in the city.
271 Sq Ft, Causeway Bay
This micro apartment on the other side of town shows you how different a project can look before and after renovation. Organizing space effectively, with the right decor, can make a big difference to how the apartment looks and feels. But unlike the London and New York apartments, you won’t find space for a bath tub here!
Are you surprised by Hong Kong’s tiny apartments? If you’re interested in finding out more about Hong Kong architecture and design, check out this concrete pod project by James Law Cybertecture, or see how this compact studio apartment still manages to pack a punch.
Which cities are you interested in finding out how much space you can get for a million dollars? Be sure to subscribe to our newsletter to stay in the loop with our stories, interviews and home tours. Follow us on Facebook for our daily feed of all things home!