Are Sellers Fishing?

Hey Salty, the property market in Hong Kong is a Fish market! The kind of practices here are mind boggling. Most listings are priced at least 10 to 20% higher. The percentage may be higher in prime locations.

Hi Salty, Not all properties in the market are put on the market by serious buyers, some just want to test the market. If you have seen properties in Hk you will realise that even properties on the same street can be very different in their quality.

My feeling is that we're in a sellers' market at the moment. But it's anyone's guess where the market will be a year from now. Prices are definitely high at the moment which is surely encouraging at least some potential sellers to test the water. Why not? But as always, there are many good values out there too. It's just a matter of taking the time and making the effort on your part to find them. This is, after all, Hong Kong. Everyone is trying to maximize their profit. Real estate, however, still remains the only game in town. You have to pay to play. Of course rents are on the increase also, thus encourage more people to consider buying. Good luck! It's a crap shoot.

i think there are a number of people who bought in 1996/97 when prices were high - they are now looking to sell at a much higher price which the market isn't quite ready to buy at. They are putting their houses out there on the market to see what prices they can get - many people are wanting to sell if they get what they want for their property.


I just bought at a price higher than I could have paid 3 years ago - but the pickings back then were slim, the house I bought was on the market at least 1.5 million less than its identical mirror on the other side of the wall - I bought it for less than the vendor paid in 97, but he, from his actions was desperate for some cash as soon as possible and so was more realistic in price to sell fast.

Your will notice price differences in the same residential building, depending on the view and also floor height. Expect to pay more per square foot for a better view and a higher floor, but the bank appraisals will be higher too.


Would recommend you to visit the below online bank appraisal for the properties interested, and then you will get an better idea if the asking price is close to the bank appraisal price. (http://evalue.hangseng.com/eng/ and http://www.hsbc.com.hk/script/hk/personal/mortgage/ipv/locate/locate.asp?lang=en)


Most importantly, demand your realtor to provide you the online bank appraisals from three different banks. And to show you the flats only if the bank appraisal prices are almost met. This will save both their time and yours.


Another good web site to view would be the www. midland.com.hk, and they will list you the available units for sale and rent, some with digital pictures too. Check out their previous transacted prices, and you can't go wrong.


Good Luck!