Buying property in Hong Kong
An introduction
Property is expensive in Hong Kong and prices can be very volatile. Many expatriates only chose to buy a property if they intend to stay long time. If you decide to buy, you should be wary of the unpredictable highs and lows of the property market and the consequences if you need to sell.
If you’re not a permanent resident, buying property can be difficult. Local banks are often unwilling to lend against older properties or to people that don’t have a long-term financial track record of income in Hong Kong.
If you do want to buy property in Hong Kong, be prepared to spend some time to get familiar with important factors such as investing in old or new buildings, the area to chose, legalities, mortgage plans, interest rates and other government formalities.
Buying to rent or simply buying as an investment is not a priority or even a thought for most expats, since there is always an end to a contract and a desire to go home when that time comes. Unless you plan to invest in a grand scale, you will probably want to sell your property when you leave Hong Kong instead of having to manage it from abroad.
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Also in this section
- Buying property in Hong Kong: An introduction
- Property purchase process: Legal agreements and fees
- Mortgages in Hong Kong: Financing a property purchase