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Hong Kong's Real Estate Market is Growing in Major Markets

Feb 27, 2008
Hong Kong is one of the Special Administrative Regions of the People's Republic of China. The city lies on the eastern region of the Pearl River Delta. It borders Guangdong in the north and the South China Sea in the western side and southern side.

The place was a trading port in the 19th century and now it has developed in to a vibrant financial center. The bodily geographic limits of the city signify that there is a limited supply of residential and commercial real estate existing for sale and rent. As Hong Kong further fortifies its healthy economic, trade and investment ties with China, the demand for real estate in the place is already been increased.

The real estate market in the region is growing tremendously just because it is considered as the special administrative region of China. Now-a-days multinational companies, employees, local businesses and local residents, tourists and students are looking for space here.

Today, the demand for residential and commercial space in the place is very high than the olden days. The real estate market in Hong Kong suffered a sensitive depression from 1998 until 2003. Now the real estate properties are for sale at higher rates than ever before and are in a great position right now to grow and expand. The domestic purchasing power of the place is strong and the economic strength is growing from strength to strength. At the same time the real estate market in the city is also growing. The real estate market is believed to be growing and the wealth of chance for profit in Hong Kong's property marketplace is strong.

Real estate investors throughout the world are buying into the projected phase of growth and are giving considerable finance to the Hong Kong market. In terms of any limitations placed on overseas investors, there are none in Hong Kong. Any one can purchase or sell their properties in Hong Kong with out legal barrier. The average phrase prediction for the Hong Kong real estate market are superior with study showing that the number of renewal and fresh growth projects started in current years is below what is necessary for the present stage of demand.

All the land in Hong Kong belongs to the government and those who buy the properties here really purchase an agreement with longest leases available. According to the property law, anyone can own property in the place as an individual or as a company. If a company likes to start business in the place, it is needed to register the company in Hong Kong Company register.

All leases will be listed at the Hong Kong land registry office according to the land registration ordinance. Your property buying process in the place should start with the finding of a lawyer and a real estate agent to assist. Usually, the real estate agents charges 1% of the property value as their fee. Once you find an agent in Hong Kong, you can discuss with him about your needs.

There are several banks in the city that are willing to lend money to overseas property buyers. Once you find a suitable property it is required to sign an agreement and pay a non-refundable deposit. Before perform this, you have to take advice from your real estate agent and the layer to avoid loss of money.

Once the pre-contract has been signed then the vendor's layer prepares all the documents needed for the registration and submit for the approval of the buyer's layer. When the buyer's layer approved the agreements prepared by the vendor's layer, then the agreement will be signed in the presence of both parties.

Once the deal is signed then the buyer becomes the responsible person for all the deals related to the property. Same as in other countries there are a few taxes, fees and charges that should be paid during the time of transaction. Some of the taxes and fees should be paid annually by the buyer. Some of the fee which should be paid during the registration are Estate agency fees which comes around 1% of the property's value, solicitor's fees which is fixed by the Law Society of Hong Kong's Solicitors' Costs Rules, stamp duty, search costs, land registration costs, insurance, quarterly rates, property tax or profits tax, mortgage arrangement fees and property management fees.
About the Author
Wantanee Khamkongkaew is an independent author evaluating and commenting on leading International Property Consultants in Asia and Greater China , especially CB Richard Ellis.
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