Investing in Hong Kong real estate or any other real estate can be a very smart choice. The better question is how and when. Hong Kong is as you well know a very big place and if you want your investment to pay off you need to choose the location carefully. There are other concerns and things you need to consider and we will cover them all in this text. If you plan to buy real estate for yourself there we will show you the basic things you need to know and who can help you out. Moving from the USA to Hong Kong is a pretty big deal and a pretty big difference. You need to be prepared and we will try to prepare you for it.
Investing in Hong Kong real estate
The reason why we said that this can be a good choice is that they have low-interest rates, reasonable prices (currently), and low yields. This can change. For quite some time Hong Kong has been a pretty interesting location for foreign investors. The risks are low and that makes this place very attractive. The value of the real estate in Hong Kong is only growing and if that trend continues you know that your investment will pay off.
Buying property in Hong Kong as a foreigner
This is a very common question. Can you buy property there as a foreigner? The short answer is yes. In some countries that is not possible. You can even rent your property without any concerns. There are exceptions. A few nationalities cant buy property in Hong Kong but you as an American citizen can. Moving to another continent can make you feel anxious but don’t worry there are ways to deal with moving anxiety.
Now is a good time to buy a property in Hong Kong
If you ask experts when is the best time to buy a property of any kind they will tell you during the winter. The demand is at its lowest. The spring is when people like to buy and move so you should do it during the winter when the demand is low. Since 2021 there was a decline in Hong Kong real estate prices by almost 3%. That won’t stay for long so now is actually a perfect time for you to invest in Hong Kong real estate.
If you are buying to rent out the place
There is a big trend in renting in Hong Kong. Especially smaller apartments. So if you are looking to buy a place and rent it out you should consider smaller apartments. You will easily find people to rent your new place. Just be careful when furnishing the place. Of course, there is an option to rent an empty home. Talk to the local realtors and see which is a better option for the neighborhood you choose.
If you are buying to live in Hong Kong
Many Americans make a decision to relocate to Hong Kong. There are many reasons why a person would do that. Some go for the job, some are moving their businesses, and there are some who just want to experience a different culture. No matter the reason this can be a great decision. Hong Kong can offer you a lot. But relocating there can be a bit complicated. You need to understand the whole process of how it’s done. We will show you who can help you with relocation but first let’s mention two options you have when buying a home for you.
Two options
When buying a place for you – you have two options. You can buy a place that is completely done and ready for you to move in. Or, you can buy a fixer-upper and do some remodeling on your own. Not literally, you will hire a contractor and they will do it for you but you will be the one choosing all the details. The first option is faster and the second option is cheaper. You decide which one is better and when the time comes you can call relosmart.asia to move you to your new place.
Hiring professional movers
You can do this relocation on your own. But it will be hard and it will take a lot of your time. Not to mention it will be stressful. Moving locally is easy, that is something you can do on your own. But moving to a different continent is completely different and you should consider hiring professionals to help you. Especially when it comes to customs and transportation of your household items or even vehicles. If you plan to relocate to Hong Kong you should call movers as soon as possible. Set the date even if it’s months away. They too need some time to prepare. You can save money on relocation but hiring movers is something you need.
Property tax in Hong Kong
We still haven’t mentioned the property tax and it’s important to mention it. There is a property tax and it is charged to the owner of any kind of property at the standard rate that is about 15% of the net assessable value of the property. There are exceptions for the property tax like government and consular parties but this is not something that affects you. Make sure to go through this with your lawyer when you buy the property you like.
Good luck
Investing in Hong Kong real estate can be great for you as a businessman or it can be great for you as someone who wants to live in Asia. Even if you live in the place you just bought it is still an investment and chances are the value will only grow. Especially if you choose an up-and-coming neighborhood.