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Residential Real Estate in Hong Kong

Nov 15, 2007
Hong Kong is the Special Administrative region of the People's Republic of China, located on the east part of the Pearl River Delta, with Guangdong Province to the south. Once a typical trading port and later a crown colony of the UK till 1997, Hong Kong has now become one of the leading financial centers in the world.

Al though, a part of China under the policy, 'one country, two systems,' Hong Kong enjoys its own legal system, monetary system, and immigration policies. However, the defense and foreign affairs of Hong Kong are administered by the Central People's Government. When comes to attractions, Hong Kong presents a diverse range of sights, all of which are unique and refreshing. Above all, living in Hong Kong is absolutely safe in contrast to living in other Asian cities.

Nowadays, many large corporations have chosen this former British colony as their headquarters to carry out business activities. Despite its soaring buildings and hi-fi business set ups, Hong Kong offers residents as well as vacationers an unmatched serene tranquility. Probably, for these causes, both commercial and residential real estate in Hong Kong are of equal importance.

Hong Kong residential real estate is regarded as the most lucrative as well as the priciest in the world. The most prominent of Hong Kong's landmarks, the Peak - officially known as Victoria Peak - boasts of the most expensive residential real estate in the world. With its stunning views, Lilliputian pines, eye catching bamboo and fern plantations, and vines of exceptional beauty, this posh area's many of the houses, flats, and villas are occupied by top executives of banks as well as corporate giants. A residential property in the Peak costs almost $5,500 per square foot. Further, residential properties in many of the regions in Hong Kong have record prices. As per certain records, a small house in one of the dull areas of the city is more than two million Hong Kong dollars.

Depending upon the requirements of people, a variety of residential real estate properties are available, such as, single detached homes, penthouses, villas, apartments, 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 developed by Hong Kong Housing Authority - the main developer of public housing in Hong Kong.

Today, people invest in residential real estate due to a myriad of reasons. Mostly, residential properties are chosen for renting out. It is estimated that a residential property in Hong Kong can get you a minimum of HK$ 100,000 annually.

Since many westerners prefer this destination for long stay or to spend a relaxed retirement life, the demand for residential real property has tremendously increased than ever before. However, a residential property can fetch 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. Above all, foreigners can easily invest in residential real estate, as law and regulations in connection to them are quite liberal.

The procedures in connection with the purchase of real estate in Hong Kong are administered by the Conveyancing and Ordinance, which is structured on the basis of English law. One of the features of Hong Kong Property Law is that each of the real estate property found here belongs to government, ie, all property here is acquired under leasehold title. Hence, those who are interested in property investment buy an agreement or a lease for a period ranging from 50 to 999 years.

With a myriad of real estate firms and property builders in the firm, you could easily find your dream residential property in Hong Kong. Majority of them even render the services professional attorneys to perform procedures related to buying of residential real estate. In addition, some of them even arrange mortgages for the purchase of real estate property.
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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