The Real Estate Market in Hong Kong Today
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Now Hong Kong is a Special Administrative Region of China its
star is rising as fast as China's and the entire real estate
sector in Hong Kong is benefiting.
The physical geographic restrictions of Hong Kong mean that
there is a finite supply of residential and commercial real
estate available for sale and rent; and as Hong Kong further
strengthens its already robust economic, trade and investment
ties with China, the demand for real estate in the region is
intensifying.
Competing for space are multinational companies and their
massive expatriate employee base, local businesses and local
residents, tourists and students. In fact the demand for
residential and commercial space in Hong Kong is at its highest
today since the glory days pre-1998. Having suffered an acute
recession from 1998 until 2003 real estate prices are for sale
at deflated costs and are therefore seen as being undervalued
which means the real estate market is in a great position
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right
now to grow and expand.
Because demand for real estate in Hong Kong is so intense...
Because Hong Kong's economy is going from strength to strength...
Because domestic purchasing power is so strong...
And because the real estate market is believed to be currently
undervalued - the wealth of opportunity for profit in Hong
Kong's property market right now is intense.
Real estate investors from around the world are buying into the
projected period of growth and are committing substantial funds
to the Hong Kong market. In terms of any restrictions placed on
foreign investors there are none in Hong Kong...in theory anyone
is permitted to purchase property. As with all city based real
estate economies property in Hong Kong - though currently
considered to be undervalued - cannot be regarded as 'cheap'.
However anyone who wishes to get into the market can get
mortgages locally in Hong Kong to purchase and can
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almost
guarantee the rental income they will generate if they choose to
buy residential or commercial units to let.
The medium term prospects for the real estate market in Hong
Kong are good with analysis showing that the number of
renovation and new development projects started in recent years
is below what is required for the current level of demand. This
undersupply will last for at least the next four years according
to expert industry analysis. This has resulted in predictions
for property price growth of up to 12% annually for at least the
next four years, making the real estate market in Hong Kong
today a highly attractive prospect.
About the author:
Rhiannon Williamson writes about real estate investment in
established and emerging property markets worldwide. Click here
for more information about how to buy investment
property in Hong Kong
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