Real Estate in Hong Kong
Last updated on Feb 06, 2024
Summary: An expat looking to buy a home in Hong Kong should begin by researching the different neighborhoods and districts in the city. They should also consider their budget and the type of property they are looking for. It is also important to research the local real estate market and the current prices of properties in the area. Foreigners are allowed to purchase properties in Hong Kong, but there are restrictions on the type of property they can buy. For example, foreigners are not allowed to purchase properties in certain areas, such as the New Territories. The amenities that come with a house in Hong Kong vary depending on the property. Generally, houses in Hong Kong come with basic amenities such as air conditioning, a kitchen, and a bathroom. Some properties may also include a balcony, a garden, or a swimming pool.
How do I find a place to live in Hong Kong?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"Finding a place to live in Hong Kong can be a daunting task. The best way to start is to research the different neighborhoods and districts in the city to determine which one best suits your needs. You can also look into the different types of housing available, such as apartments, condos, and houses. Once you have narrowed down your search, you can use online resources such as property listings, classifieds, and real estate agents to find a place that fits your budget and lifestyle. Additionally, you can also look into short-term rental options such as Airbnb or hostels. Finally, it is important to consider the cost of living in Hong Kong, as it is one of the most expensive cities in the world," remarked one foreigner who made the move to Hong Kong.
"Choosing where to live is very personal. I used to live on a university campus where there was a great sense of community without the feeling of being in some sort of expat clique. I now live in a well-managed housing estate with excellent security and friendly staff but no sense of community. If you are an expat and want community, you may well have to accept being more separated from the local culture. It is a fact of life here that local people do not mix in the same way as back home. Do not be offended by this - it is a cultural norm, and not aimed at expats. My in-laws were truly shocked (not to mention my first next-door-neighbour, 16 years ago) when I went to the flat next door to introduce myself and invite the neighbours round for coffee. I still surprise them with my weird expat ways, but it doesn't matter - I decided long ago to be myself and to accept my neighbours as they were. It seems to work nicely all round," explained one person living in Hong Kong, Hong Kong.
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What is a typical expat home or apartment like in Hong Kong?
"Expat homes and apartments in Hong Kong tend to be modern and luxurious, with high-end appliances and amenities. Many expat homes and apartments come with stunning views of the city skyline, and some even have access to private pools and gyms. Expat homes and apartments in Hong Kong are typically well-equipped with modern furniture and appliances, and often feature spacious living areas and bedrooms. Expats in Hong Kong also enjoy access to a wide range of services and amenities, such as concierge services, housekeeping, and security," said one expat in Hong Kong.
"I live in an apartment, which is typical for Hong Kong, but not for so many expats. Sadly, there are a number of what I can only call "expat ghettos", where well-healed expats choose to live, somewhat separated from the local culture. I find that a shame, but each to his own and all that. I am fortunate to live in a very large apartment. Compared with some of my Chinese friends I am very lucky - many families live in apartments of less than 1000 sq ft., and those in the public housing states are generally less than 500 sq ft. I have a friend in public housing who shares one room with her husband and daughter - they eat, sleep and ply there. There is no kitchen to mention, and the "bathroom" is a cubicle with a toilet, hand basin and shower."," remarked one member in Hong Kong.
SJB-Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model. Our clients benefit from their country’s most favorable tax environment by utilizing the efficient investment vehicles we offer. Our commitment to quality service is reflected in our stellar reviews, with over 300 testimonials boasting 95% five-star ratings.
Click connect to have our partner contact you via e-mail and/or phone.
SJB-Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model. Our clients benefit from their country’s most favorable tax environment by utilizing the efficient investment vehicles we offer. Our commitment to quality service is reflected in our stellar reviews, with over 300 testimonials boasting 95% five-star ratings.
Click connect to have our partner contact you via e-mail and/or phone.
What is the average cost of housing in Hong Kong?
If you are thinking about moving to Hong Kong, cost of living in probably a key consideration. Expats commented about the cost of housing:
"Housing costs are much higher here. For the price of this flat, I could just about get a mansion in England. Our flat (3000 sq ft) here is not in one of the better locations, but it still cost 6,000,000 Hong Kong dollars in 1989. I am told I could get about 10 million for it now," explained one expat living in Hong Kong, Hong Kong.
Should I buy or rent a home in Hong Kong?
If you have not spent a lot of time in Hong Kong, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Hong Kong can be a great investment, as property prices in the city are generally high and have been steadily increasing over the years. However, it is important to consider the cost of living in Hong Kong, which is also quite high. Renting a home in Hong Kong can be a more affordable option, as it allows you to live in the city without having to commit to a long-term purchase. Additionally, renting gives you the flexibility to move to a different area if your needs change. Ultimately, the decision to buy or rent a home in Hong Kong depends on your individual circumstances and budget," remarked one foreigner who made the move to Hong Kong.
What do I need to know when buying property in Hong Kong?
When we asked expats what advice they would give a foreigner before buying a property in Hong Kong, they said:
"1. It is important to research the area you are looking to buy in, as prices can vary significantly between different districts. 2. It is also important to be aware of the different types of property available, such as private housing, public housing, and commercial property. 3. You should also be aware of the different types of ownership available, such as freehold, leasehold, and sub-leasehold. 4. It is important to understand the legal process of buying property in Hong Kong, including the need to obtain a mortgage and the various taxes and fees associated with the purchase. 5. It is also important to be aware of the different types of financing available, such as bank loans, mortgages, and other forms of financing. 6. It is important to be aware of the different types of insurance available, such as fire insurance, public liability insurance, and other forms of insurance. 7. It is also important to be aware of the different types of maintenance and repair services available, such as plumbing, electrical, and other services. 8. Finally, it is important to be aware of the different types of property management services available, such as rental management, property management, and other services," remarked one foreigner who made the move to Hong Kong.
Are foreigners allowed to own property in Hong Kong?
When we asked expats what advice they would give a foreigner before buying a property in Hong Kong, they said...
"Yes, foreigners are allowed to own property in Hong Kong. Non-Hong Kong residents are allowed to purchase residential and commercial properties in Hong Kong, provided they obtain the necessary approval from the Land Registry. Foreigners are also allowed to lease property in Hong Kong, but they must obtain the necessary approval from the Lands Department. In addition, foreign investors may also purchase shares in Hong Kong-listed companies, which may give them indirect ownership of property in Hong Kong," explained one person living in Hong Kong.
What appliances are typically included in a rental?
We asked foreigners in Hong Kong what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"In Hong Kong, rental properties typically include a refrigerator, washing machine, air conditioner, and stove. Some properties may also include a microwave, dishwasher, and water heater," said one in Hong Kong.
Additional Information about Searching for a Home in Hong Kong:
We asked foreigners in Hong Kong what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats in Hong Kong typically search for homes by using online real estate portals, such as Property Guru, Spacious, and Squarefoot, which offer a wide range of listings from different areas in the city. Additionally, expats can also search for homes through local real estate agents, who can provide more detailed information about the properties and the surrounding areas. Additionally, expats can also search for homes through online forums and social media groups, which can provide helpful advice and tips from other expats who have already gone through the process of finding a home in Hong Kong," explained one expat in Hong Kong.
About the Author
Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
Additional Information:
- Hong Kong Guide
- Healthcare & Health Insurance in Hong Kong
- Members Talk about Healthcare & Health Insurance in Hong Kong
- Best Places to Live in Hong Kong
- Guide to Real Estate in Hong Kong
- Pros & Cons of Living in Hong Kong
- Cost of Living in Hong Kong
- How to Enroll Your Children in School in Hong Kong
- Educational System in Hong Kong
- 10 Things to Know Before Moving to Hong Kong
- How to Buy a Home in Hong Kong
- 2024 Guide to Living in Hong Kong
- Pros and Cons of Living in Hong Kong 2024