Hong Kong's housing shortage has bred several creative residential solutions.
Reuters reports that Hong Kong’s perennial housing woes have triggered a slew of innovative ideas and solutions which range from modified pipes, shipping containers and 3D printers as skyrocketing property prices rose for the 25th consecutive month, giving Hong Kong the distinction of the world's least affordable housing market for the eighth year in a row.
Despite being one of the wealthiest cities in the world due to its status as a regional financial hub, tens of thousands of residents cram into miniscule homes averaging just 62 sq ft, prompting architecture firm James Law Cybertecture to create micro homes in concrete water pipes.
“OPods” can be mass produced quickly, with each costing about $120,000, about a third the cost of a regular 100 sq ft apartment.
Demand for shipping container homes has also surged in recent months as a stopgap measure for public housing where waiting time clocks in at an average of five years.Ninety such flats, measuring between 143 sq ft and 287 sq ft, will be ready next year, and are modeled after container homes for students in Amsterdam, said spokeswoman Roni Chan.
An average Hong Konger earning $50,000 in annual income would need around $900,000 to purchase a home as the city ranks, according to annual Demographia International Housing Affordability Survey, which puts the median house prices divided by annual median household income at 18.1.
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