<figure class="image"><img src="https://files.rifo.co/CompanySite/3/3_Picture8.png"></figure>Can you imagine living in less than 400 square feet of space? A new trend from Hong Kong real estate is the concept of micro flats, also known as Hong Kong style or nano flats. These baby condos are anywhere from 400 square feet to 220 square feet in size.Business Insider compared the area of zoning for residences in Hong Kong at 7% to that of New York City at 75%. This extremely low supply of residential housing, as well as sky-high prices contributed to a housing crisis in Hong Kong. Nano flats were originally proposed as part of the plan to mitigate the situation by cramming as much people in one vertical structure as possible.This trend caught the attention of North American home buyers and investors. Micro homes are touted for their minimalism and sustainability by the news outlets and social media influences alike. Recently, an eco-conscious architect and entrepreneur Graham Hill listed his famously tiny 420-square-foot apartment in SOHO for a cool $750,000 USD. The itty-bitty digs, measures just 350 square feet but manages to seat 10 for dinner, host two guests and have space for a home office.<figure class="image"><img src="https://files.rifo.co/CompanySite/3/3_Picture9.jpg"></figure>Decreasing housing affordability in Canada has been driving people to micro condos because of lower prices and the appeal to a minimalistic lifestyle. Future condo owners and real estate investors can be seen lining up at new condo development offices across GTA and GVA. Many of them specifically target micro apartments, which are easier to rent out or re-sell at higher prices. While these city micro dwellings are marketed toward younger single crowd, they are increasingly more popular with the retirees. New condo buildings attract mature owners with safety of around the clock on-site security, concierge services and, of course, luxury common areas. Most of these new developments are located within walking distance from shopping and dining establishments and some include upscale malls right downstairs, accessible by the building elevators. Affluent retirees are attracted to the option of travelling the world while having a nice and convenient pad as their home base.<figure class="image"><img src="https://files.rifo.co/CompanySite/3/3_Picture10.jpg"></figure>So, how does one make do with only about 300 square feet? Mastering the art of storage maximization is the key. Multi-purpose compact tables, foldable chairs, collapsible desks and dressers have allowed homeowners make the most of their spaces. Retractable futons and beds are a fixture. Using the wall to stack things vertically or to mount different things such as electronics, lamps, collapsible tables, is also very common.&nbsp;Budding actor and TikTok star, Axel Webber, recently went viral for posting videos about his closet sized NYC apartment. Often called the “tiniest apartment in NYC,” Webber pays $1,200 USD for his less than 100 square foot apartment. Axel uses a bunk bed with a desk and a piano tucked under it. His bathroom is a communal area located down the hall. While this might not be an ideal family friendly solution, savvy young people like Webber benefit by hopping on the tiny house trend.<figure class="image"><img src="https://files.rifo.co/CompanySite/3/3_image.png" alt="Tiny Home"></figure>Similar to nano flats, tiny homes are becoming all the rage. Owning a micro house is considered by many a movement with the millennial generation. Unlike baby condos, micro homes in North America often cost less than an average car, around $27, 000 CAD. Because of space constraints, costs of utilities are also a fraction of that of a regular sized house. Many of these homes are so small that they often have a trailer hitch to attach to a car thus being mobile. In Canada, there are businesses which specialize in design and construction of micro house and offer specific services for this new niche interest. Tiny homes are usually slightly bigger than micro condos, at around 600 square feet. Such micro homes are also not required to abide by building laws as they are not permanent fixtures. In some areas, tiny homes are considered to be recreational vehicles, thus avoiding costly property tax. However, tiny homes usually involve renting land to keep it on because of zoning laws.The demand for nano condos and micro homes is on the rise and looks like this trend is here to stay. So, would you like to own a tiny but convenient home?

Baby Condos & Micro Houses Boom: A Fad or the Future?

Can you imagine living in less than 400 square feet of space? A new trend from Hong Kong real estate is the concept of micro flats, also known as Hong Kong style or nano flats. These baby condos are anywhere from 400 square feet to 220 square feet in size.
Business Insider compared the area of zoning for residences in Hong Kong at 7% to that of New York City at 75%. This extremely low supply of residential housing, as well as sky-high prices contributed to a housing crisis in Hong Kong. Nano flats were originally proposed as part of the plan to mitigate the situation by cramming as much people in one vertical structure as possible.


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