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Search Properties In Hong Kong Within Your Budget

Jan 22, 2008
Hong Kong is a first-rate trading, financial and business centre. It does not have any major natural resources. It has one of the finest ports in the world. The country boasts a hardworking, industrious and well-qualified workforce of about 3.56 million. It forms the foundation of Hong Kong's productivity and prosperity.

In spite of a few market crashes, Hong Kong's residential market has long flourished owing to the country's strong economy. The country's free market economy mostly depends on international trade, as it has few natural resources. It has wide-ranging trade and market ties with China. As the island's natural resources are limited, it has to depend on others for food and raw materials.

The land's high position on the economic front is attributed to several reasons. It is situated halfway between Japan and Singapore. The charm of the island lies mostly in its nearness to the mainland of China. It lies near important shipping and air routes. Moreover, the country has an atmosphere conducive to business and commerce. The country's economy has always been built upon commerce, and shipping. Today it competes with Singapore as the world's busiest container port.

A property search in Hong Kong gives you a better understanding of properties available within your budget. You have to carefully take a look at the more popular condominiums, residential apartments and houses across the island. In order to get a clearer idea of which size would suit your requirements best, you have to carefully study the more popular listings across the land.

The size of a house is calculated in square feet, not in the number of rooms. House sizes are generally counted on the gross square footage. The active or useable footage is generally around 80% of the gross amount of space. In Hong Kong, rentals are collected monthly and additional charges such as management fees and government rent are not usually taken.

A number of real estate firms carry out customary market research. They keep databases for each market sector which allows you to watch changes in the working of the market. In addition to publishing property business update reports on a regular basis, many of them also conduct regular internal research programs such as detailed market studies and surveys.

Property searches help you asses the current value of apartments, condominiums and other properties in Hong Kong. They make the finding of your ideal house, apartment, villa, office, vacation rental or land easier. Bear in mind that you should view the land before you pay any money. A personal visit is an integral part of any property search.

There are many property locations and housing neighborhoods across the island and the surrounding areas. Owing to the country's sprawling residential structure, it's difficult to find out exactly which areas are the most sought-after in terms of high-end property - luxury developments come up just about everywhere.

There are several locations that are particularly attractive for reasons of accessibility, views and facilities. The most popular among them are Island East, The Peak, Hong Kong Island South, Happy Valley, Stanley, Deep Water Bay, Repulse Bay, Wanchai, the Kowloon Peninsula, and Kowloon Tong.

The embargo on luxury residential real estate in Hong Kong was recently raised and as a result The Peak is at the height of the country's luxury market. It is the highest spot on the island and has long been a favorite hotspot for wealthy investors. It's a much sought-after tourist attraction offering spectacular views of most of the surrounding islands.

It is not easy to enter the Hong Kong property market as it is the third most expensive high-end residential market in the world. As all land belongs to the government; buyers of property actually buy an agreement or a lease. Laws governing the real estate sector market allow you to own properties as an individual or through a company structure.

Property owners in Hong Kong are now at ease to wait for higher bids for their luxury properties owing to the upward adjustment in asking prices set off by recent land sales. Many investors in the country are reluctant to rent out their luxury properties since it would lessen their flexibility in trading the 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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