|By: Wantanee Khamkongkaew|
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.