Hong Kong housing market: A local move guide for expats
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Moving to Hong Kong?
If you’re moving to Hong Kong and you are looking for a snippet of guidance to make your move somewhat easier, then you’ve come to the right place. Here at Santa Fe Relocation, we strive to ensure that each of our clients experience a seamless move from the moment they make their mind up, to when they arrive at their new home. Read our guide on the Hong Kong Housing Market below to find out more!
Cost
If you’re considering heading to Hong Kong to live later this year or already have a plan set it stone, it’s worth keeping in mind that the city is one of the most expensive locations in Asia to rent an apartment, with home prices continuing to be on the rise. This is especially true for expatriates moving to the area. Unfortunately, some districts, including Mid-Levels and Discovery Bay, are even considered to no longer be affordable for many expats to purchase a property or rent an apartment. The likes of Ham Tin, Tung Chung and Tin Hau, however, provide the perfect balance of affordability and quality of life, making the move to Hong Kong worthwhile.
Quality of life
Quality of life is an aspect of moving to Hong Kong that many will take into consideration. Whilst moving to Hong Kong can present a number of unmissable opportunities, it’s worth keeping in mind that certain housing issues, in hand with pollution, has resulted in Hong Kong falling behind in terms of quality-of-life rankings. In relation to these rankings, Hong Kong sits 71st worldwide and 7th in Asia, with the likes of Singapore, Tokyo and Kobe securing the top places. Nevertheless, the area offers a high standard of living and the cultural hotpot can be thoroughly enjoyed if you do decide to make the move to the country like many other expatriates have.
Vacant apartment tax
As a result of the increasing house prices, the Hong Kong government is expected to introduce a new vacant apartment tax in order to help increase supply and encourage developers to unload stock as opposed to waiting for prices to continue to rise. The demand for housing in Hong Kong is increasing dramatically, and this tax could help to provide some form of relief. However, many believe that the main issue in the country is not the vacant apartments but instead, the lack of land that the area is struggling with and that the government is continuing to recognise. In order to combat this, the introduction of ‘nano apartments’ could be introduced in order to get young people onto the property ladder in the area more effectively.
Is the expat community changing?
Many question whether the expat community is changing in Hong Kong, and to some extent, it is. Due to the fact that Hong Kong has money, a rising number of people are choosing to head to the city, despite the housing market crisis that it appears to be facing.
Despite its magnificent skyline and being a wealthy city, there are a number of other reasons why a rising number of people are falling in love with the area. As the freest place in China, with milk tea sold on every street alongside spring rolls and egg yolk tarts, it’s difficult to ignore. At the same time, the friendly expat community really comes into play when it comes to settling into your new home.
If you’re thinking about moving abroad and would like to get advice throughout the relocation process, get in touch with a member of our expert team on 0208 961 4141, today.
