Posted by
newbie-hk
17 yrs ago
Ok, this is totally a newbie's question.
I'll be relocating to HK in a few weeks time, have never live there ever in my life, my wife will be joining me and we will probably stay there for 1-2 years (both will be working).
Now a friend told me that it makes more sense to buy an apartment there rather than rent one, given the low interest rate environment.
Any advice on whether this indeed make sense? can a foreigner purchase property in HK? and if so, do properties in HK normally come with leasehold or freehold title?
how much financing can we get (in terms of % of the price) - is it 95%?
Other than the agent's fee, what other cost do we have to pay (stamp duty, etc) ?
Can anyone refer a good and reliable property agent who can help me on this?
sorry for the lengthy questions, any advice would be much appreciated, thanks!!
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If you only intend to stay here for 1-2 years then I would say there is no point. If 5 years or more then yes, buy. The HK market has always been volatile so you could gain, you could lose. It's a tough call at the moment. Add in other expenses: Stamp Duty, Lawyers Fee, S&P Fee, Agents Fee, Insurance Fee (for mortgages over 70%), Assignment Deed, Mortgage Deed. On a $5.5 million mortgage the upfront costs for a 95% mortgage would be around $800,000. Remember you will have costs when selling also. It's a risk!
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30,000,000 is for the bankers. I am a teacher and have bought - so have many of my friends. Nice 600sqf on mainland but 7 mins from Quarry Bay.
www.oceanshores.com.hk press SKIP then MAIN PAGE
well under 3 million and 4 years old and clubhouse is AMAZING
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30 million is definitely out of our budget. do you think we can get something near central for say between HK $3-5 million?
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Fabio
17 yrs ago
Hi newbie-hk
As yourself + wife both working, & 1st time here? Maybe best to give yourselves about 6 months, absorb as much as you can in that time.
Whether rent or buy is academic & will depend entirely on your personal circumstances. Only you know what is best for you.
Hopefully you may have access to accomm allowance from employer? That will be good guage of what is available.
Your suggested price range/location = HKD 3 to 5 mil, near Central is optimistic, but not impossible to find a place in that range, but may be cramped, compared to what you may be accustomed to.
There are many agents here in HK, & asiaexpat site is very useful. You will also find many, many agents more than willing to help.
All the best, and sure you will enjoy HK.
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Interest Rates are low, property value high. HSI down 35% since high in Oct 07. US recession will be a long one. Come to HK and rent, give yourself both time to look around. Both of the last two HSI drop of 61% and 55% found the residential prices drop 45% & 40%. I have 6 months left on my lease, I'm looking to buy when rates are even lower after the next US Fed rate drop April 30th and watch for these residential declines. Take advantage of both BUT keep your purchase price in check when the rates start to climb as HK runs variable rates always.
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