In deed, Hong Kong offers its residents an exciting, dynamic, and multi-ethnic lifestyle. However, acquiring a property or real estate in Hong Kong is not quite easy, since many of them have record prices.
Property market in Hong Kong has been categorized into residential market, commercial market, and industrial market.
Residential Market : Residential real estate in Hong Kong is regarded as the most lucrative as well as the priciest in the world. Depending upon the requirements of investors, a variety of residential property choices are available in Hong Kong, such as, apartments, penthouses, single detached homes, villas, and flats. There are also special types of residential properties, especially designed for senior citizens, such as Housing for Senior Citizens and self-contained flats built by the Hong Kong Housing Authority.
People invest in residential real estate for a number of significant reasons. Mostly, people invest in residential properties in order to rent it out. According to records, a residential property in Hong Kong can fetch you a minimum of at least HK$ 100,000 per year. However, a residential property can get you profits only if your property is located in the city's posh areas with easy accessibility to almost all facilities and attractions in the area. If a residential property is acquired to sell it after some times, then go for a property located in such areas that have strong potential for growth.
A great benefit of investing in residential real estate it serves as an excellent long term investments, yielding handsome profits. Since Hong Kong's property value is constantly increasing, you can sell it at a price 20-50% higher than the amount for which you purchased. Likewise, investing in residential property is a great way to earn safe income by renting out.
Commercial Real Estate : Due to its excellent legal as well as banking systems, many overseas business firms have made Hong Kong as their regional headquarters. This in turn has tremendously increased the demand for Hong Kong's commercial real estate, including office spaces, shopping malls, and retail stores. In addition to overseas investors, a growing number of mainland companies are also taking up office spaces in Hong Kong.
In short, commercial real estate in Hong Kong has now turned out to be a demand-driven scenario. As a result, in recent years, the sale price of commercial property has been pushed up. Further, the rents charged on commercial real estate are exceptionally high, ranging from HK$22 to HK$105 per square foot per month.
Now we will discuss some of the most preferred location for investing in Hong Kong real estate market. The Peak, or Victoria Peak, is regarded as the most exclusive as well as the most expensive area in Hong Kong. With excellent views of the surroundings including the harbour and the outlying islands as well as easy accessibility of Central through the Peak Tram and public transport, the Peak is one of the most sought after residential areas.
Real estate found here range from up-market apartments and high-end flats to small ordinary housing structures. Due to its easy accessibility to Central and Causeway Bay, real estate in Mid-Levels region is also popular among the investors, especially expat community. Another popular area that is preferred by the expat community is Repulse Bay, which boasts of a resort-like ambience. Further, this area is within close proximity to several super markets and international schools in Hong Kong.
No matter it is for commercial or residential purposes or for your vacation needs, a host of service providers in the form of real estate firms and property developer firms are now in the scenario in order to help you find your dream property in Hong Kong. Many of these firms offer a variety of services in connection with the acquiring of a property in Hong Kong. Some of them even provide services of a professional attorney to verify the documents in order to check the authenticity of the property.
Hong Kong is in a prime position to take advantage of China's growing economy - and they have both taken advantage and built an economy under their own steam. The latest figures make the Hong Kong property market one of the most attractive in the world. We look at why it would a be a good idea to jump on this speeding boat, before it blows out of port!
Hong Kong's real estate and property markets are on the up and up at the moment. Official figures from the Hong Kong land registry show that both the total number of transactions, and the total number of [property transactions is increasing at a rate of knots. January's figures showed 67.8 billion HKD in property transactions - a 149.3% increase from the same time last year, and an increase of 5.2% from the month previous. In terms of overall transactions, the land registry recorded 16,984 transactions, which is an increase of 92.8% from the same time in 2007, and a jump of 8.9% from the prior month, December 2007.
Obviously this trend has been forming in Hong Kong for a while now. And it is not only the number of transactions that are increasing in the Hong Kong property market, but the value of the property being traded is going up as well. If you are looking to directly invest in the Hong Kong property market, now is the time to start the ball rolling, while prices are relatively low and growth seems set to continue.
Tourism is another area where the country should see a sharp increase in the number of transactions. Jeff Voyles of Globalysis said that "Hong Kong faces stiff competition for tourist dollars from other Asian destinations", and it has met the challenge wonderfully. Hong Kong expects to see around 30 million visitors in 2008, representing an increase of 7% over the previous year, and the revenue from these transactions is set to grow to around $155 billion HKD. Hotels in Hong Kong will see sustained growth this year, as will airlines, and business oriented services.
An example of the growth that is being seen in Hong Kong recently is shown by the purchase of tracts of land for development in Shatin and Mid-Levels by Henderson Land Development Co, for around $128 billion HKD. Work on the high-rise apartment blocks and several low-rise blocks should be completed by April and March 2009, for separate parts of the projects, in time to cash in on the breakneck economic growth.
Prices are at their highest level in a decade in the Hong Kong property market, and they show signs of continuing to increase - in sharp contrast to the housing market in the US. A 50% increase in prices over the next three years has been predicted by analysts Merril Lynch. They have been joined in their positivism by Sun Hung Kai properties, as well as other developers. Investors seem to be recognizing and touting that buying an apartment is more profitable than buying shares at the moment.
All this means is that savvy investors will not miss out on the golden opportunities provided by property management in Hong Kong this year!
Both Wantanee Khamkongkaew & Gregory Smyth are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Wantanee Khamkongkaew has sinced written about articles on various topics from Travel and Leisure, Property Investment and Finances. Wantanee Khamkongkaew is an independent author evaluating and commenting on leading , es. Wantanee Khamkongkaew's top article generates over 60500 views. to your Favourites.
Gregory Smyth has sinced written about articles on various topics from Types of Cancer, Luxury Hotels and Family Travel. Gregory Smyth is an independent author providing assessment and comments on leading , es. Gregory Smyth's top article generates over 201000 views. to your Favourites.