Located in southern China, Hong Kong is an economic powerhouse in its own right. With a population of more than seven million, the city is attracting more and more expatriates from all over the world. If you’re considering moving to Hong Kong, you’ll have to search through countless advertisements before you can find a home that fits your budget. There is a wide variety of offers, both in terms of price and type of accommodation. Here is the main information you need to make an informed decision.
Finding a home in a residential area
The city of Hong Kong is divided into eighteen districts, each comprising residential and industrial areas. In the centre, most of the buildings are home to financial institutions, businesses and territorial administrations. There are also luxury hotels and high-end residential complexes. This area is preferred by expatriates to stay in Hong Kong because of the easy access to major services. In the Victoria Peak area, accessibility for migrants is less obvious: residences are mostly very luxurious, as are restaurants and shops. Not far from the centre is also Mid Levels, a very popular area with mainly modern facilities and housing. On the other hand, there is Lan Kwai Fong and SoHo, renowned for their nightlife, with the majority of renowned nightclubs and clubs, but also shopping malls and trendy restaurants. On the other hand, the Western District is mainly home to shops. As for Admiralty, Aberdeen, Tsim Sha Tsui and Stanley, despite their residential character, they are home to new constructions, including housing.
The different types of housing in Hong Kong
With the multitude of offers, it won’t be difficult to find a place to stay in Hong Kong: from furnished and unfurnished apartments and studios to villas and multi-storey residences. If you are planning a short stay, the ideal is to find a hotel room or an apartment hotel, depending on your budget. Furthermore, it should be noted that the majority of furnished villas or apartments have air conditioning. As far as cost is concerned, rents are higher than those in other Chinese localities. In fact, the price of renting real estate in Hong Kong is among the highest in the world. But as everywhere else, the rates depend on the location, the level of comfort and the nature of the accommodation. For example, the cheapest apartments are located in older residential buildings. The rent for an unfurnished one-bedroom apartment is around 5,000 yuan. To rent a residence, it will take between 15,000 and 25,000 yuan per month.
The size of housing in Hong Kong being quite small, there are very few offers for renting a home. If you wish to go through dedicated websites, please keep in mind that you will certainly not be the only candidate. Applications received by a single host can be up to ten per day. Therefore, you should draw up the most complete profile possible and take the time to write a well-personalized message. The other possibility is to stay in Hong Kong with a private host. This solution is very economical and you will find different offers on the platforms dedicated to accommodation rental. However, this option is not guaranteed: some advertisers offer bed and breakfast accommodation and sometimes even dormitories.
Buy a property in Hong Kong
Some emigrants choose to buy real estate to live in Hong Kong. Of course, prices vary from district to district, but on average, it costs about 25,000 yuan per square meter for a one-bedroom apartment. For a four-bedroom apartment, the price can go up to 70,000 yuan per square meter or more. The real estate sales system in Hong Kong is quite particular: the land is government property. Therefore, your investment will include not only the purchase of the building, but also the purchase of the land. In reality, it is a rental right, associated with a lease of up to 999 years and the rates vary according to this duration.
Local banks can finance your purchase up to 70%. You will also need to make provision for various fees that vary according to the value of the property. When looking for a place to buy, the best option is to go through a real estate agency. The latter will help you save time and find a home that meets your expectations. You can also look at the advertisements on the Internet or in local newspapers. It should be noted that the cheapest residences, despite the high purchase price in any region, are located in the New Territories.