Further, Residential Properties In Many Of The Regions In Hong Kong Have Record Prices

Category: Finance, Real Estate.

Hong Kong is the Special Administrative region of the People s Republic of China, located on the east part of the Pearl River Delta, with Guangdong Province to the south. Al though, a part of China under the policy, one country, two systems, Hong Kong enjoys its own legal system, and immigration policies, monetary system.

Once a typical trading port and later a crown colony of the UK till 1997, Hong Kong has now become one of the leading financial centers in the world. However, the defense and foreign affairs of Hong Kong are administered by the Central People s Government. Above all, living in Hong Kong is absolutely safe in contrast to living in other Asian cities. When comes to attractions, Hong Kong presents a diverse range of sights, all of which are unique and refreshing. Nowadays, many large corporations have chosen this former British colony as their headquarters to carry out business activities. Probably, both commercial and, for these causes residential real estate in Hong Kong are of equal importance. Despite its soaring buildings and hi- fi business set ups, Hong Kong offers residents as well as vacationers an unmatched serene tranquility.

Hong Kong residential real estate is regarded as the most lucrative as well as the priciest in the world. With its stunning views, eye catching bamboo, Lilliputian pines and fern plantations, and vines of exceptional beauty, this posh area s many of the houses, and villas are, flats occupied by top executives of banks as well as corporate giants. The most prominent of Hong Kong s landmarks, the Peak- officially known as Victoria Peak- boasts of the most expensive residential real estate in the world. A residential property in the Peak costs almost$ 5, 500 per square foot. As per certain records, a small house in one of the dull areas of the city is more than two million Hong Kong dollars. Further, residential properties in many of the regions in Hong Kong have record prices. Depending upon the requirements of people, a variety of residential real estate properties are available, single detached homes, such as, penthouses, apartments, villas, and flats.

Today, people invest in residential real estate due to a myriad of reasons. There are also special types of residential properties, especially designed for senior citizens, such as Housing for Senior Citizens and self- contained flats developed by Hong Kong Housing Authority- the main developer of public housing in Hong Kong. Mostly, residential properties are chosen for renting out. Since many westerners prefer this destination for long stay or to spend a relaxed retirement life, the demand for residential real property has tremendously increased than ever before. It is estimated that a residential property in Hong Kong can get you a minimum of HK$ 100, 000 annually. However, a residential property can fetch you profits only if your property is located in the city s posh areas with easy accessibility to almost all facilities and attractions in the area.

A great benefit of investing in residential real estate it serves as an excellent long term investments, yielding handsome profits. If a residential property is acquired to sell it after some times, then go for a property located in such areas that have strong potential for growth. Since Hong Kong s property value is constantly increasing, you can sell it at a price 20- 50% higher than the amount for which you purchased. Above all, foreigners can easily invest in residential real estate, as law and regulations in connection to them are quite liberal. Likewise, investing in residential property is a great way to earn safe income by renting out. The procedures in connection with the purchase of real estate in Hong Kong are administered by the Conveyancing and Ordinance, which is structured on the basis of English law.

Hence, those who are interested in property investment buy an agreement or a lease for a period ranging from 50 to 999 years. One of the features of Hong Kong Property Law is that each of the real estate property found here belongs to government, ie, all property here is acquired under leasehold title. With a myriad of real estate firms and property builders in the firm, you could easily find your dream residential property in Hong Kong. In addition, some of them even arrange mortgages for the purchase of real estate property. Majority of them even render the services professional attorneys to perform procedures related to buying of residential real estate.

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