Housing supply in Hong Kong is as vast as the demand. You will not have trouble finding appropriate accommodation for your stay...
Located on China's southern coast, Hong Kong is known to be an economic power in itself. With a population of over 7,155,000 inhabitants, it continues to attract expatriates from around the world for various reasons. If you plan to settle there, you will have to search for accommodation. This should not be a difficult task as Hong Kong has a large range of accommodation to suit all tastes.
You are advised to learn about the different neighborhoods in order to determine which one will be the most appropriate for you.
Hong Kong is divided into 18 districts, including some industrial areas and residential neighborhoods. In Central District, you will mainly find companies, financial institutions and regional administrations. You will also find big luxury hotels and large residential complexes. It is a very popular area for expatriates due to easy access to essential services.
Victoria Peak district is less accessible to expatriates. The area especially has large luxurious private residences and luxury shops, as well as gourmet restaurants. On the other hand, the Mid Levels district is very popular with foreigners due to modern and equipped accommodation offers.
SoHo and Lan Kwai Fong are the nightlife neighborhoods with a large number of clubs and nightclubs, as well as restaurants and shopping centers. The Western District is a commercial area. Moreover, Aberdeen, Admiralty, Tsim Sha Tsui and Stanley are popular for their residential neighborhoods, including large hotels as well as newly built housing lots.
Types of accommodation
You will find different types of accommodation in Hong Kong: furnished and unfurnished apartments and condominiums, multi-storey houses, villas, etc. If you are making a short stay there, you can opt for a hotel or a serviced apartment. Note that most of the furnished apartments or villas have an air conditioning system.
Rent prices in Hong Kong are relatively higher than those in other Chinese cities. In fact, Hong Kong is one of the world's most expensive cities. Obviously, rent prices vary according to different neighborhoods, types of accommodation and comfort level. The cheapest apartments, for instance, are found in the old residential buildings.
Unfurnished one bedroom apartments may cost around 5,000 yuans while a furnished two-bedroom apartment could cost some 12,500 yuans. To rent a house, you will need around 15,000 yuans per month and some 25,000 yuans per month for a villa.
Some expatriates prefer to buy real estate property in Hong Kong instead of renting due to high rent prices. Obviously, prices vary according to residential areas and facilities which are attached to the property. The average price for the purchase of a property in Hong Kong is 25,000 yuans per square meter for a one bedroom apartment. For a three bedroom apartment, the average price can exceed 70,000 yuans per square meter.
Good to know:
Hong Kong's banks are allowed to finance the purchase of your property at 70 % only. You must have at least 30% of the property's total value. You will also have to pay taxes for the purchase of your property. These will vary according to the property's value.
The best way to find accommodation in Hong Kong is to go through a real estate agency. This will save you time and find accommodation according to your preferences. You can also check out classified ads in local newspapers and accommodation websites.
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