Tips every foreigner buying a condo in Hong Kong needs to read

January 10, 2017

Tips for buying a condo in Hong Kong | Hong Kong Property | Yazhou PropertyHigh-rise residential properties in Hong Kong

Hong Kong is considered by many as a great trading, financial and business centre. A country with an outstanding mix of culture and sophistication inspired by both western and eastern influences, Hong Kong is considered an important part of many international companies’ business activities.

Despite having one of the most expensive real estate in the world, there are still hundreds of investors that continue to buy Hong Kong properties. If you are one of them, you might want to take into consideration some of the following tips before buying a condo in Hong Kong.

Choose the right real estate agent for your Hong Kong property

 To determine the right real estate agent, you need to work on finding the best ones in the country. There are property websites with a list of real estate agents which you can contact and start working with to know the best one.

When buying a condo in Hong Kong, it is fitting to know how to speak Cantonese because not all real estate agents speak English. Some might charge you more if you only know English and can choose not to show you all Hong Kong properties as well. If this is case, you can find a friend who knows Cantonese to help you out.

  1. Know how to deal with real estate agents properly

 While it is important to be specific on what you want in your property, be careful with how you relay this message to your real estate agent. Remember that they are compensated based on the price of your apartment. If they know you can spend more, they are likely to show you more expensive properties. So when you ask to see cheaper properties, they choose the not-so-nice apartments to make sure you pick the more expensive property and they get a higher compensation.

To find a good deal, you must have a lot of real estate agents working with landlords which can compete nicely for a good Hong Kong property for you. 

  1. Prioritize what you need in a Hong Kong property

 Before buying a condo in Hong Kong, you should be able to go to a number of viewings to get a feel on what you want and don’t want in your apartment. Furthermore, you should also realize how much you are willing to spend. You can start with a small Hong Kong property. Psychologists say that it is easier to adapt to the size of your apartment than paying a high price or bad location for your property. While you may want a condo that is big, affordable, located near an MRT, etc, you can never have it all and will need to start prioritizing what you really need.

  1. Make sure to negotiate right

 Ideally, landlords can be negotiated 10% to 13% less from their original price. Some real estate agents may tell you that only a 10% discount is more likely. It is up to you to negotiate for a lower price. Once you’ve agreed on a price, make sure to include in the contract all your expectations on the property, and other questions or clarifications you may have. You can look up real estate contracts online to serve as your guide.

Know more about buying a condo in Hong Kong and Hong Kong property guide when you head on over to Yazhou Property blog. Guidelines on housing loan and other tips on property investment are also shared on our Facebook page.

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