Real Estate Hour

The world’s real estate spells tiny houses – where small is the new big

Real estate, unlike a few years back, has risen from the ashes. Where luxury and affordable housing are running parallel, a new concept covering both is slowly taking over the market. Micro-housing is the game changer that is slowly drawing the interest of the new-age buyers.

Rising home prices have brought housing to a situation where the middle-class buyer is not preferring luxury and ultra-luxury homes, and moving toward compact, yet luxurious micro homes. Based on the actual space needed, the buyers are slowly taking real estate market towards a new direction altogether.

Also, what’s interesting to note is that a gradual shift is happening in many countries simultaneously. Hong Kong, one of the world’s most expensive real estate market, saw a 52 per cent jump in houses that are not big than 300 sq. ft., as mentioned by Bloomberg. While these tiny apartments only had a 9.3 per cent part in the real estate market last year, it has risen to 12.4 per cent this year. They are even smaller than two parking spaces combined.

While Australia, America and other countries are also experimenting with the concept, India’s financial capital is also in the race to give people affordable tiny houses.

Mumbai, which is one of the least affordable Indian real estate markets, has come up with numerous projects with micro houses. For people, who earlier lived in slums, these homes spell luxury. At Rs 53 lakh, they are an option for people to move out of the daily struggle for water and electricity.

Malad, which is one of the posh areas in Mumbai, offers tiny houses that make living easier for the ones who shift here.

The two segments amongst whom these new-age houses are a big hit include moderate income groups or young professionals who look forward to having an independent life. While some may complain of the less space, it is evident that buyer are now thinking more on practical lines and investing wisely towards the homes of their dreams.

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