Er... what does "per square foot" mean?
Where do you see this?
In articles, related to the property market.
What does it mean?
The term refers to how much a buyer or tenant will pay for a square foot of space.
It can be derived by dividing the selling or rental price of the unit by its floor area.
Why is it important?
The price per sq ft (psf) is an indicator of a property's value, and can be used as a measure to compare different properties. It can also be used as a benchmark of property values in the area.
Investors use the measurement to calculate the returns they are earning from renting their properties.
For example, if an apartment was bought for $1,000 psf, an annual rental of $30 psf would give the investor a rental yield of 3 per cent each year.
So you want to use the term. Just say...
"This unit will cost me $1,000 psf, although the neighbour bought his for $1,200 psf. That's a steal!"
Invest, The Sunday Times, October 27, 2013, Pg 43