Property 852 is a property portal site for Hong Kong apartments and commercial properties. We offer both Estate Agents and Landlords a high visibility platform on which to advertise their Hong Kong apartments for rent or sale. The user account section offers a variety of tools and search features that can be used to help find your perfect Hong Kong apartment or commercial property.
Hong Kong has one of the most dynamic and interesting property markets in the global real estate industry. There are millions of apartments for rent in Hong Kong direct from owner or through real estate agents.
Hong Kong has 7.3 million people living on 1,105 square kilometres of land. The population density is high with 6,780 people per square kilometre. As a result, compared to most other living spaces in the world Hong Kong Apartments are rather small in size. In 2016, the average living space per person in Hong Kong’s public rental housing was 140 square foot. This is because Hong Kong is very hilly and therefore the topographic layout makes the even distribution of property very challenging. In Hong Kong, only 24% of the land has been developed and only 7% of this developed land has been used for housing. Country parks and nature reserves make up 40% of the land in Hong Kong.
Only about 50% of Hong Kong’s 2,510,000 households own their property. About 773,000 Hong Kong households, or 30.8% of the total, are living in public rental housing. People who can't afford private Hong Kong apartments for rent may need to wait for on average 4.7 years for a public rental apartment. As of December 2016, there were 148,800 applications for such Hong Kong apartments.
Public housing is a major component of the housing in Hong Kong apartments for rent. About half of Hong Kong apartment residents now live in public housing estates and other tower blocks with some type of subsidisation. Public housing in Hong Kong began in 1953. In response the Hong Kong Government commenced a program of mass public housing, providing affordable homes for those on low incomes.
To buy private Hong Kong apartments, the applicant must be prepared to pay a large down payment, due to the high property prices. A standard 30% deposit for a 500 square foot Hong Kong apartment in an urban district would be somewhere between HK$ 2,000,000 and HK$ 3,000,000.
It is undeniable that owning a Hong Kong apartment for rent guarantees profitable investment returns. The practice of apartments for rent in Hong Kong direct from owner has become more prevalent in recent years with the rise of online platforms making it easier for Landlords to find tenants directly.
For the majority of people, the rise in prices of Hong Kong apartments for rent has overtaken salary growth. In an international survey Hong Kong was named the world’s least affordable property market for the seventh year running.
Hong Kong's apartment prices also top the list of least affordable markets among major world cities according to American research institution Demographia's latest report in January 2015. Hong Kong apartments fall into the grading of ‘Severely Unaffordable’, with the highest recorded index since the report started 11 years ago. Second on the list was Vancouver, still significantly lower than Hong Kong apartments.
According to to the 2014/2015 Household Expenditure Survey, housing accounted for an average of 36% of average monthly household expenditure, with utilities accounting for an additional 3%.
The so-called “starter homes” in most large residential estates, aimed toward first-time buyers, now come with very high price tags.
In February, it was reported that a 284 square foot flat at the residential estate City One in Sha Tin which is popular with first-time buyers, recorded a selling price of over HK$ 14,800 per square foot; in late March, a flat of the same size on the same estate sold for HK$ 16,268 per square foot.
Nevertheless Hong Kong apartments are highly sought after due to the benefits that Hong Kong has to offer. As well as being a vibrant entertaining city with easy access to a variety of Asian destinations, there is also the fact that for many, salaries are larger and tax is lower than other countries making Hong Kong apartments for rent still a worthwhile investment. Additionally, money can be saved on the initial transaction if you purchase apartments for rent in Hong Kong direct from owner.