Nano flat at AVA228 in Sham Shui Po sold at a loss, facing a two-digit percentage drop in four years

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AVA228

7th December 2023 – (Hong Kong) The property market downturn has taken a toll on once highly sought-after micro-sized units, which were previously considered entry-level homes. One example is Unit C on the mid-floor of AVA228 at 228 Tai Nan Street, Sham Shui Po. The unit, with a practical area of approximately 155 square feet, was originally purchased by the previous owner for over HK$3.01 million in 2019. However, it was recently sold at a loss for HK$2.85 million.

Potential buyers who have been viewing properties across different districts for over two months have shown a preference for properties in Kowloon. Seeing a decline of around 20% in current property prices, they proceeded to negotiate the purchase of the aforementioned unit, securing an additional HK$470,000 discount. The unit was eventually acquired for HK$2.38 million, making it an investment property with a price per square foot of approximately HK$15,355. The original owner incurred a loss of around HK$630,000 or approximately 21% of the unit’s value.