It’s no surprise to anyone with an eye on the international property market that affordability in Hong Kong has been on a steady decline for several years now as prices continue to rise.
At 2,754 km² the tiny island is home to over 7,400,000 people fighting for space and to accommodate them developers have resorted to building micro-homes. These tiny flats are designed to make intelligent use of limited room, but the diminishing space isn’t preventing prices from continuing to rise, breaking record highs.
The South China Morning Post recently held a “Redefining Hong Kong” debate series, titled: “Can Hong Kong rein in runaway housing prices?”. The debate, which was attended by staff from the ERE office in Wan Chai, discussed the difficulties the government faced in securing land to build new homes and how external factors such as US and Chinese economic conditions continued to affect price rises.
Optimists hope that house prices will start to correct over the next ten years but for expats who have moved to Hong Kong who are looking to make a financial investment in property, the prospect of investing locally is not feasible and they are looking for a more immediate opportunity.
For British expats who have moved to Hong Kong from the UK, ERE Property has been providing access to these opportunities, providing off-market deals and up-to-date regional knowledge of property in the UK. Our clients are working long hours and don’t have the time to act as a landlord. ERE has built up a service to offer these property investors a hands-free service with full lettings and management of their property. We value good service and operate with integrity and efficiency and as a result we have built up a network of investors who refer their friends and colleagues to us.
If you are based in Hong Kong, arrange a meeting with one of our Property Consultants to discuss why property investment in the UK’s regional cities is a good investment choice.