looking to buy in hong kong

[pin]

OK, looking at buying in HK.

I guess just looking general advice on buying and also the market. I've naturally done quite a bit of research and a lot of advice would be very subjective and dependant on the particular circumstances. I guess I'm just after general advice.

I am looking to spend up to HK$4m and want a 2 bed place, around 500+ square feet.

I've been looking at properties mainly in the Mid Levels, Wanchai and Sheung Wan.

Mid Levels for me was not good value.

In Wanchai saw some places, including Zenith. Flats in Zenith were within my price range, and it has good facilities, however the flats are TINY.

Saw some nicer places in Sheung Wan, including Manhattan Avenue and Queen's Terrace.

I guess, first thing, do people think it is a good time to buy at the moment? i.e. prices too expensive and the market may drop?

My rational for buying is that my rent is going to increase next year and it will be around the same as monthly mortgage payments. I would rather the money go to paying off mortgage than in rent.

I guess the next question is choice of living. The flats in Queen's Terrace are of a decent size, however the property has no facilities. As for Manhattan Avenue, the flat is small, but not too small and its partly furnished (fitted wardrobes, etc). On top of that Manhattan Avenue has club facilities. Both have good transport links, although Queen's Terrace is further away from SOHO.

Arrgh, choices, choices!!! Any words of wisdom, advice would be greatly appreciated!!

[Max]

um....Kennedy Town?

[pin]

um....Kennedy Town?

Thought about KT, but for me too far and I really like SW.

[pin]

people have any views on Princeton Tower? Am thinking at present to buy there.

[back2HK]

Pin.. The economics support buying.

HK (set within strong Asian growth) is importing a weaker currency and lower rates from its USD peg. Real estate benefits from negative real rates.

This is absolute inverse of 1997, which turned out be the worst time to buy HK property.

Also, contrary to the perception, speculative purchases (confirmor transactions) are at a low.

What and where is a much harder question depending on your personal circumstances..

Good Luck

[pin]

sorry, got another question about buying in hk.

my situation is that I can't break my tenancy until May (landlord won't let me transfer).

the financing for a buy to let mortgage is a bit too high (as i need to get a 85% loan). i.e. i buy property with tenancy until around April time and then move in.

i can get somewhere with vacant possession, but tell the bank its for me and then rent the place out. well this is what the property agent has told me to do, and it seems it is common practice. now any legal issues with this? i.e. could the bank ask for prepayment (with penalties) if they found out i had a tenant in my place. also would it be considered fraud, cause i didn't disclose the correct info to the bank?

[homerpsu]

dunno about the legal mumbo jumbo but the prop market, if u haven't noticed, has skyrocketed recently... especially with the US rate cuts and the lack of new residential areas in the coming years... the zenith already popped 5-10% depending on the size of your flat... so right now wouldn't be a bad time to buy a flat but any later like in 2008, it'll be too late and too high... (mortgage rates are lower then rental rates in most places now...)

[pin]

just as an updated, ended up buying in SW, Princeton Tower.