Getting involved in the Hong Kong property market as a buyer and owner only makes sense for expats if they plan to stay for a longer period of time or if they want to settle down. If you are planning to stay for a few years only, you should rather rent a home. Hong Kong property ownership takes a lot of preparation and effort. You will have to hire a solicitor and, if you are unfamiliar with the Hong Kong property market, a real estate agent to handle the purchase of the property for you.
Hong Kong property prices vary depending on the location and size of the property. Generally, bigger properties are rarely for sale. This is not only due to the notoriously expensive Hong Kong property market, but also because of the high population density in some areas of Hong Kong. Not every district is preferred by expats. When looking for the right district in which to buy property, ask yourself what you expect of your new home.
Prices for Hong Kong property can range from about HKD 400,000 to HKD 500,000,000 and more, depending on the size, number of bedrooms and the district where the property is located. People with a generous income, such as senior executives, and other people who can afford the prices on the Southern Hong Kong property market often opt for houses in that area. The south-east in particular is very popular for its close proximity to both nature and an urban center. Another rather expensive area is the Peak with its exquisite sea views.
The different towns in the Hong Kong Island are:
Central is very popular among younger, single expats who enjoy the vibrant nightlife in town. You will, however, not find large houses or spacious apartments on the Central Hong Kong property market as living space is rare. Tai Hang and Midlevels East have a lot of international and multinational schools in their neighborhood. A great number of expats also move to Repulse Bay.
The following towns are located in the district of Kowloon:
Kowloon is considered the most densely populated residential area in the world, which is why spacious housing is usually not available here. In order to relieve this overpopulated area, new housing districts are being developed, mostly in the New Territories. It’s there that you will find a quiet, more rural living environment. Towns in the New Territories include:
For more information on purchasing property, no matter in which area of the city, check out our article on Hong Kong housing.
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