buying property

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  1. #1

    Join Date
    Mar 2008
    Posts
    4

    buying property

    if i were to buy a flat, how much is the average government rate, management fee, etc. in hong kong? thanks.


  2. #2

    Join Date
    Dec 2007
    Location
    Discovery Bay
    Posts
    190

    Buying property in Hong Kong depends on how much money you have to put down, credit rating, and job security. Management fees vary from property to property, and some may even be included in your month payment to the bank.

    Word of caution: you never really own property in Hong Kong, you just get a long lease with use.


  3. #3

    Join Date
    Mar 2006
    Posts
    310

    These fees depend on the size, location and estimated value of your flat.

    In residential developments without club house and other shared facilities, management fee can be as low as 0.7 - 0.8 HK$ per square feet. Properties with club house, swimming pool etc often have a management fee between 1.5 - 2 HK$ per square feet, and overpriced high class developments can be far above that.

    The other two fees are called "rates" and "government rent". The "rates" fee is 5% of the current yearly rental value of your flat (as estimated by the government). I forgot how the government rent is calculated, but in my case it is less than half of the "rates" fee. At the moment there is a concession for rates, but this is only temporary.

    Last edited by geo-seb; 09-06-2008 at 02:29 AM.