A 2-pyeong Studio Costs 80 Million Won... Rising Prices of 'Micro Flats' in London, UK

[Asia Economy Reporter Kim Hyunjung] A tiny studio apartment measuring 2 pyeong (approximately 7 square meters) has appeared on the market in London, UK, priced at 50,000 pounds (about 81.5 million won), the daily Guardian reported on the 17th (local time).

This studio, located in Lower Clapton in East London, is a compact 7㎡ (about 2.1 pyeong) space with a window, but the bed is placed above a storage cabinet and microwave, and it barely fits a washbasin and a foldable table. There is no kitchen, bathroom, storage room, or reception area.

Experts say that the number of small homes in London is increasing due to soaring rents and real estate prices. These types of homes are called "microflats," typically referring to small one-room apartments in large cities.

The minimum competitive bid listed on the auction site "MyAuction" is 50,000 pounds, but since the property was sold for 103,500 pounds in May 2017, the price is expected to rise further.

The owner of this property reportedly recouped the entire initial investment by receiving a monthly rent of 800 pounds, according to the Guardian.

Julia Lugg, a researcher at the Housing Policy Centre at the University of York, UK, commented on this auction, saying, "It reflects the price bubble in the London housing market," and "It is worrying that micro-apartments are considered a solution to housing purchases." She also explained, "It is accommodation unsuitable as a residence and not a sustainable space," adding, "While there may be many bars and cafes nearby, making this place a living space would make living expenses very expensive."

This content was produced with the assistance of AI translation services.