Under 40k is going to be a tough one, especially on the island side and walkable distance to the MTR. Will keep my ears open to see what comes up.
What about these old industrial buildings that have (illegally?) been turned into residential apartments in Chai Wan?
Does this mean a significantly undermarket-valued property is going to become available soon?
I'm living in a very desirable location with open racecourse views.
But lets face it, Happy Valley is a very expensive neighborhood.
I'm hoping that something in a bit downmarket area, combined with some graveyard view or a death or 2 would be able to save me some $$$
What I'm finding is that in the downmarket areas, large flats are extremely few and far in between...
Probably not. I dont think I will be able to find very muchDoes this mean a significantly undermarket-valued property is going to become available soon?
Welcome to Hong Kong! I hope you love it as much as we do. We have lived in Happy Valley, Mid level, and the Peak all in places paid for by employer. A few years ago we decided to buy and now live in Kennedy Town. (Tai Pak Terrace) WE LOVE IT! It has some very nice, new buildings ( we are not in one of those lol) and still has a real local feel. Bus, MTR, escalator, lots of local places to eat and lots of expat western places as well. Easy to get anywhere from here. Hubs office is far but hoping on the red top express bus he gets there fast. I have a couple of friends who like that they get a big flat in North Point for less than you would pay for a flat that size in many paces. But, I love living in Kennedy Town!
Good luck and enjoy this wonderful city!
Unfortunately, I find it hard to imagine someone saying they love living in Kennedy Town if they're left to renting out of their own pocket at today's market prices. It sounds like you got lucky, being able to buy before the foreign-buyer tax was imposed and perhaps before housing prices increased even more in KT. Perhaps I've just become too cynical about living in a 350 sq/ft apartment in an overcrowded city...
It really depends on what rocks your boat. There are some area in Wanchai similar to Kennedy town, like Star street or stone nulla in terms of restaurant. Kennedy town is wide, more space to walk around and less people. Close to the sea side but then it's all concrete. With the MTR prices have increased a lot and most bar/restaurant are getting more expensive.
Wanchai, it really depends of where you live like other people said, The flat close to Kennedy road are a lot more quiet like Phoenix court etc.... Hennessy road on the other end is super busy and noisy.
North Point, I stayed in a hotel there for 1 month, it's quite crowded, I didn't really like the area, flats are cheaper but you're quite far away and MTR is crowded most of the time. There are also a lot of Chinese tour stay in the area at night blocking the street which can be annoying.
My advise is go around and see if you like the area, try going at different times in the day, like time you would expect to go home after work and during the day in the week. Wanchai in the evening is okish, during the day it's a lot busier and crowded. K town is pretty much ok most of the time
A friend of ours moved to Wan Chai a little over a couple years ago, falling for the HK Island hype,while warning him that he's going to likely get a savage rent hike at the end of his lease.. Yeah yeah he said.... He recently got slugged with a 40% rent hike and couldn't find anything big enough for the price he was paying in the usual ' convenient ' locations. In the end, he rented a 3 bedroom plus maids nook flat in Chai Wan for the same money he was previously, but he's not happy about it.
It didnt matter previously when he was single, but it definitely gives you the shits when married with kids if your salary is not likely to increase in accordance with rental increases, or goes way beyond your company paid housing allowance cap.
Kinda takes the fun out of paying low income tax, when comfortable/spacious accommodation ends up consuming such a large % of your net income. At least back home, sure you might have paid more tax, but at least you were very comfortable and were proud of what you lived in....
Hopefully domestic rentals start to dive like some of the larger commercial properties have of late with drops of 40% being given. Only time will tell. Doesnt seem to be a shortage of silly duffers who are willing to pay the price of a HK Island address, so wouldnt hold my breath.
Last edited by Skyhook; 03-11-2015 at 05:14 PM.