Hong Kong Information
Moving to Hong Kong
The Hong Kong Property Market is quite unique in comparison to many other markets in the world - with the main difference being that the vast majority of the leasing and selling property is not handled on a sole agency basis but is available for any Property Agent to market and introduce clients to. Property is in general comparatively expensive and good property has an accelerated turnover.
It can be a challenge for any client trying to navigate in the jungle of agents, local regulations and a vast amount of properties. Finding the right Property Agent can be crucial - for a good agent will not just open doors but has the ability to both match your preferences, provide you with a suitable selection as well as help you refine your criteria. Preferably the agent also has an understanding of not only your personal preferences, but can also take into consideration other criterias such as options of transportation, accessibility to schools, supermarket and offices.
The question of Location - a life style choice
Hong Kong offers many alternative life styles - it is worth contemplating over the what life-style is most favorable for You.
If You have a family to consider, the proximity to schools or day care, time and options to commute is an important factor. Many families choose to reside on the South side of the Hong Kong Island, Pok Fu Lam, in Sai Kung, Clearwater Bay or in Discovery Bay on Lantau. Here the selection of larger apartments, houses, townhouses and house boats are wider and many of the schools are located here. These areas also offer a closeness to the beaches and vast Country Parks which is appealing to people with an active outdoor life-style.
The Mid-levels, Wan Chai and Happy Valley has for a long time been attractive for the accessibility to down town Hong Kong - its financial district and entertainment centers. SoHo with its narrow streets and studio-apartments lure the younger crowds. and The Peak with it´s stunning views offer great properties often on the far end of the price scale.
Buying or Leasing?
Whether you are looking to buy or lease property in Hong Kong it is recommended to deal through a licenced Property Agent. In the case you are considering to invest in property we also recommend all to engage a Hong Kong laywer and in discussions with your bank have a valuation conducted of the property. Your Property Agent will assist you with a land search and the details regarding the Stamp Duty Calculations.
If looking to lease a property, and until you have located the perfect place to live a serviced apartment can be a temporary solution. There is a great selection of serviced apartments in all price-ranges.
Types of Accommodations
In preparation for a viewing there are many factors to consider - location, what type and size of the property You would prefer as well as additional benefits such as facilities and car park. Are you keen on a view of the green mountain or is an ocean view important to you?
Many people relocating to Hong Kong are stunned by the prices of property versus the standard of living they are experiencing. Most people will during the viewing process have to come to terms with the fact that some of the criteria must be compromised. But in this process the considering of what is most important will with a trustworthy agent guide you to find the most optimal accommodations four Your specific needs.
Modern developments
Modern developments are often smaller units but they may also then offer a higher standard. They often provide facilities such as pool, gym and tennis-courts and some may even offer transportation alternatives such as shuttle-buses to Central or MTR stations.
Older Buildings
Commonly called Colonial buildings - are often more spacious and they can come with balconies or terraces. The standard of renovation varies a great deal but most landlords are willing to touch up the interior decorations and have minor repairs done to fixtures and features.
Town houses
The size range can vary from 2,000-5,000 sq. ft. but local regulations on building space restrictions often lead to the space being divided on 4-5 levels in the House. Many units come with a smaller garden and/or a roof top or terrace.
These compounds of Town houses may or may not have facilities or service shuttle-buses.
Detached House
Detached Houses are very costly and rare on the market especially on the Hong Kong Island. There are more options available in Sai kung, Clearwater Bay and Discovery Bay.
Pricing example for ranges of size
Small units under 1,200 sq. ft.10,000 - 50,000
Medium units between 1,200 - 2,000 sq. ft.35,000 - 70,000
Large units over 2,000 sq. ft. 75,000 and up
Unique and Extraordinary units 180,000 and up
The Hong Kong Property Market is quite unique in comparison to many other markets in the world - with the main difference being that the vast majority of the leasing and selling property is not handled on a sole agency basis but is available for any Property Agent to market and introduce clients to. Property is in general comparatively expensive and good property has an accelerated turnover.
It can be a challenge for any client trying to navigate in the jungle of agents, local regulations and a vast amount of properties. Finding the right Property Agent can be crucial - for a good agent will not just open doors but has the ability to both match your preferences, provide you with a suitable selection as well as help you refine your criteria. Preferably the agent also has an understanding of not only your personal preferences, but can also take into consideration other criterias such as options of transportation, accessibility to schools, supermarket and offices..
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