Hong Kong citizens find homes in Australia, Canada & the UK
Moreover, Singapore-based schools have received more inquiries from Hong Kong residents than usual
According to Knight Frank, Hong Kong is still one of the world’s premier residential markets. This may be true for global investors because its citizens are buying homes somewhere else.
The overall residential market remained quiet in March, but purchasing momentum in the secondary market steadily increased as a result of the reduction of mortgage rates.
The local pandemic outbreak caused the monthly drop towards the end of March. According to the Land Registry, 2,869 residential sales were reported in March, a 1.5 percent decrease MoM. Secondary sales prevailed, accounting for 94.4 percent of total transaction volume and 2,708 cases reported, representing an 11.4 percent rise MoM.
Its long-term economic outlook is bolstered by its proximity to the Chinese mainland and a well-developed banking sector.
Due to the scarcity of land, demand will always surpass supply.
For many investors, the city ticks all the boxes. Furthermore, Hong Kong SAR is entering its third decade of low interest rates, and monetary policy continues to support liquidity and low debt in the market, sustaining advantageous conditions.
The exodus has been planned for several years. Ultimately, when Hong Kong joined China’s stringent zero-COVID policy earlier this year — where 7.5 million citizens were subjected to mass testings, curfews, and lockdowns during the fifth wave of the COVID-19 pandemic — many citizens opted to move and purchase homes in other countries
“Many Hong Kongers hold dual citizenship in the UK, Canada, and Australia. This could be why they are seeking to purchase homes there instead,” Christine Li, head of research for Knight Frank Asia-Pacific, told Insider.
Moreover, Singapore-based schools such as Tanglin Trust School and EtonHouse International School have received more inquiries from Hong Kong residents than usual, as reported by The Standard.
More: Singapore schools, a top choice for Hong Kong expats
Until recently, everyone arriving in Hong Kong had to undergo – and pay for – a three-week quarantine.
The Property Report editors wrote this article. For more information, email: [email protected].
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