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What will the New Year of the Horse bring to the Hong Kong property market in 2014
This is the question asked by many of my client’s explains Anthony Hindmarsh, Director of Qi-Homes Property Consultants Ltd.
Hindmarsh predicts the market will see a downturn when interest rates rise and landlords feel the pinch as the rental yields will be much lower.“There is no bad time to buy property in Hong Kong” says Hindmarsh “if you are paying rent then you are paying someone else’s mortgage and not building equity for yourself. You can probably bet that the price of a flat in 5 years will be equal if not more than the price today so if you are looking long term, buy now!!” “I always explain to my clients that it is when the market is quiet that the landlords are more negotiable and deals can be made” “I have seen landlord’s raise the price by $500,000 per day when the market is hot…I consider this too late to buy property as there is a mad scramble to purchase”
This does not mean that demand is not there. Most expats aspire to own their own property as rental prices continue to increase, the only people getting rich are landlords explains, Tim Holdings One of qi-Home’s tenants. Many professionals are waiting to get their 7 year permanent residency which means they will not be subject to the 15% stamp duty.
Over the Chinese New Year Holidays Hong Kong experienced only one transaction record of the 10 major housing estates during the four-day festive period. With this stale mate in the sales market, Hindmarsh is concentrating on other Qi-Homes Services such as Rentals and Property Management.
Qi Homes is all about service and quality flats. In the end our clients come back over and over again or refer their friends. This allows us to keep busy during the down times.
For More information or to Learn All about Qi-Homes, please goto http://www.qi-
QI-HOMES PROPERTY CONSULTANTS LIMITED