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.
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Hong Kong - Hong Kong Island - Hong Kong


HONG KONG - Feb. 7, 2014 - PRLog -- Hindmarsh believes the property prices will make a small correction in 2014 with no major downturns primarily because of a lack of supply in the market. Many landlords are not desperate to sell because they're hanging onto a lot of equity and also are afraid that if they do sell they cannot get back into the market as there are so many restrictions to purchase new property in Hong Kong.  Additionally with interest rates being so low many landlords don't know what to do with the cash. Some landlords are looking at other countries such as London however property prices in these key cities are also well above valuation.

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-homes.com

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Tags:Property, Agent, Hong Kong
Industry:Property, Real Estate
Location:Hong Kong - Hong Kong Island - Hong Kong
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