Hong Kong And Real Estate Development
The main marketing point in Hong Kong real estate has been the panoramic city view that a person can get from apartment building. Hong Kong has always been in the forefront of real estate news primarily because there is a shortage of land, and the supply of housing is less than the demand. |
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In October 2009, when a luxury apartment sold for $57 million, the government pledged to make more land available for real estate development so that the supply would increase, and this would help in bringing down the prices. The authorities are worried that the way prices are increasing, it could give rise to a housing bubble.
It is estimated that nearly 47 percent of the population lives in housing that has been subsidized by the government. Freestanding homes are very rare in Hong Kong, and those that are available are priced exorbitantly that it is impossible for a common man to afford. Only the rich and wealthy can afford these homes. In fact, Hong Kong real estate attracts mostly wealthy foreigners and those from mainland China.
In terms of real estate development in Hong Kong, the policies are a little different. The land actually is owned by the government. So, a developer ends up leasing the land for a particular period of time. Earlier, the land was given for 75 years, 99 years or 999 years. However, ever since Hong Kong has been returned to China, the new leasing agreements are only for 50 years. The buildup property may belong to the actual owner, but the land's rightful owner is the Hong Kong government.
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