Hong Kong is not a cheap place to live. In fact, it is consistently one of the top 10 most expensive cities in the world, in company with Singapore, Geneva, and Tokyo. However, it has also emerged as a major financial and business center of the world, with a thriving arts culture. If you are moving to Hong Kong, one of the first decisions you will have to make is where to live, and that decision will largely be influenced by your budget, how close you want to be to your work, and if you have children.
Because of its geographical size and population density, Hong Kong real estate is worth a lot of money per square foot and home and condo prices are much higher here than in most world cities. Space is a luxury. If you come from a Western perspective, where space and real estate are often fairly affordable, it will take some mental adjustment on your part as you search through options.
Hong Kong itself is divided into three main geographical areas: Hong Kong Island, Kowloon Peninsula, and New Territories, each with its own set of distinctive neighbourhoods. Hong Kong Island is preferred by affluent businesses and people, with the Peak (Victoria's Peak) and Happy Valley boasting some of the priciest accommodations. Kowloon Peninsula is a little less expensive as far as living costs go, and New Territories offers much for families with children to appreciate in both cost and larger living spaces.
Two of the most popular neighbourhoods for expatriates are Mid-Levels, which lies halfway up Victoria's Peak on Hong Kong Island, and SoHo, which is also on Hong Kong Island and is in close proximity to the fantastic nightlife and shopping of Central. On the south side of Hong Kong Island, Repulse Bay, South Bay, and Deep Water Bay neighbourhoods contain larger homes and closer proximity to some of the city's most renowned international schools.
Unless you are very familiar with Hong Kong real estate laws and traditions, it's best to get the help of an agent or a lawyer when negotiating a rental or lease agreement or when buying a property. By doing this, you won’t end up unpleasantly surprised by contract terms of which you might not have been aware or did not fully understand. One such surprise could be that your landlord does not have bank consent to rent out his property to tenants, and if your landlord defaults on his mortgage payment, the bank could force you to evacuate immediately and you would have no recourse.
There are a number of agencies that specialise in helping expats find and rent or buy the home that is right for you. Spacious, a premiere real estate listing site, boasts an extensive network, innovative solutions, and an unwavering passion for delivering the best service to each client. If you are making the move to Hong Kong and need to find a great place to live, visit our Home page to get started today.
