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The first thing that comes to mind in crowded Japanese cities are capsule hotels, which are designed to provide overnight accommodation to guests who don’t need or don’t have the money for traditional hotel services. Based on this, the image may have spread that the size of houses in Tokyo is also significantly smaller than in European cities, although on average this is not true in itself. A typical Tokyo apartment is 66 square meters, in which, according to a survey published by Reuters, without a bathroom, toilet, kitchen, there is an average of 41 square meters of living space, in which two people live on average. This is quite similar to the figures in Budapest, but behind the average we see big differences.
Instead of the already mentioned 41 square meters of living space, almost 20 percent of the apartments have only one room of up to 20 square meters. In the Tokyo administrative area, 13 million people live in almost 7 million households, but this is the largest population agglomeration in the world with approximately 35 million inhabitants, making 1.4 million people live in the capital. Japanese and 5.7 million in the country. Less than 20 square meters.
1133 Budapest, Garam utca 4
| 193 flat 50 – 105 m2 surface 76.46 – 125.53 M Ft |
ending: 2022 |
| I need an offer | |
Of course, there are also such apartments in Budapest, but this is not the lower limit in Tokyo. In approximately 1 percent of the housing inventory there, out of a total of 76,000 floors, the size of the living space without a bathroom is less than 10 square meters. In most cases, only one person lives in them, but there is still very little space available.
However, of the 76,000, there are 1,900 households in which two live in an area of this size, or 10 square meters.
Under normal circumstances, of course, this is not a problem: the size of a bedroom in Budapest is not much larger than this, when someone goes to sleep at home. However, in a current situation, this means that 3,800 people in Tokyo have had their living space reduced to just 5 square meters in these weeks and months.
Hong Kong
In Hong Kong, however, the situation is even worse. We have written several times before that the Southeast Asian city-state has led the list of the most unaffordable property market for 8 years, as it has the highest average price per square meter in the world. In Hong Kong, the price of a completely average house is also so high that it could only be financed from 20 times the average annual household income.
This is as if an average flat panel in Budapest cost HUF 100 million compared to current wages.
Hong Kong property market prices are forcing the poorest 20 percent of the population into homes with smaller floor space than average parking. These 7 to 14 square meter apartments are generally designed by dividing a 50 to 60 square meter apartment where families living in the rooms share a bathroom and kitchen, so the required distance required in these “apartments” due to the current epidemic is not possible at all.
We will meet on September 10 at the New York Palace, where key market experts will assess the current situation and the opportunities of the real estate market ahead.
Why did this happen?
We also wrote about the reasons in a previous article, which shows that it’s not just the high population and the scarcity of space that people have to live in crowded rooms. Only a quarter of Hong Kong’s territory is urbanized, much of the rest is mountainous, but still, there would be plenty of room for new developments. Only 3.7 percent of the city-state’s territory is densely built with housing, for political reasons. This is because the government owns all the land in the city, which means that it can only be rented at horrible prices after several years of procedures and auctions, usually over 50 years. The developer offering the highest price in exchange for the area can obtain the right to build a residential house. The auction will also result in not only developers paying high prices, but will then be reflected in the price of finished homes.
Although the average floor area of newly built housing in Budapest is increasing slightly, a significant part of the housing stock also belongs to the 50-60 square meter category. However, apartments of less than 30 square meters are quite rare, although due to the real estate boom of recent years, several downtown warehouses and other non-residential premises have a residential function, but are rarely used for permanent housing, mainly for tourist rentals.
1117 Budapest, Budafoki út 215.
| 260 flat 28 – 91 m2 surface 32.7 – 92 M Ft |
ending: 2021 Q3 |
| I need an offer | |
In the current situation, therefore, those who have to share an apartment of this size are in a more uncomfortable situation than usual. Hopefully, more and more stores will open as the epidemic lessens, but in the long term, the city’s housing problems will also have to be remedied due to extreme situations like the current one.
Cover image source: Getty Images
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