What are the latest property updates from Hong Kong?
As ever, Hong Kong remains an epicenter from which Eastern capital is deployed into Western markets, with the majority of our client base wishing to purchase property internationally. This gives us an expert insight into global trends and where the ‘hot’ markets are right now.
In Europe, interest in the UK secondary cities has cooled but London is still very attractive.
The German cities are gaining more momentum, with Berlin and now Frankfurt starting to attract serious investment.
In terms of Asia, Singapore is looking to steal Hong Kong’s crown as the best place in Asia to do business and, as a result, their residential market is also seeing some renewed interest.
Slightly further afield, Auckland has been very popular of late whilst lifestyle investments in locations such as Bali, Japanese mountain resort Niseko, and the Thai islands are increasing.
What vision do you have for Quintessentially Estates Hong Kong in the next 5 years?
We will strengthen our position as the No.1 choice for all discerning buyers in the region who are looking to secure a luxury international property. Our offering is distinctive as we represent the buyer, which ensures we are entirely impartial and are not working on behalf of the seller. This focused, dedicated service is very much in line with societal shifts, by which consumers are seeking more and more personalised services and experiences.
What are your projections for the Hong Kong property market?
The Hong Kong market is a tricky one to offer any projections on, largely due to the China situation. The uncertainty is stifling in some regards, however, for many years now, Hong Kong has been seen as a Defacto piggy-bank for mainland Chinese to preserve their wealth and buying Hong Kong real estate has been the preferred choice. This desire to get money out of China distorts the true nature of the market as it is less about buyer ‘demand’ and more to do with securing one’s capital.
Have the high rates of stamp duty in Hong Kong influenced the client demographic?
For us, absolutely. Hong Kong already holds the record for the most expensive real estate on the planet and the high stamp duty adds another barrier to entry. Due to this, an overwhelming number of clients simply invest their money overseas in markets which are more transparent and offer better returns. Seldom do expats buy property in Hong Kong and so this large, international and financially viable workforce deploy their earnings into other global cities instead.
What are the most important considerations for people looking to buy a property overseas?
For our clients the most important consideration is retaining peace of mind and receiving excellent communication; the two are symbiotic. We take all the anxiety out of the search and acquisition process by doing the hard-work for them. Thereafter, we manage the property to the highest standards which includes providing an equally discerning service to our client/tenants.
The high standard to which we hold ourselves accountable engenders a trust and confidence in our clients, allowing them to enjoy the journey of buying and owning an exceptional property in a wonderful location.