What is one thing that Hong Kong is most famous for? It’s the world’s most expensive property market. Due to a shortage of land and high demand, it’s been like this for many decades. However, political events and the pandemic outbreak have combined to bring changes in the Crown Jewel of Asia. Our removal company Hong Kong is up to date with the situation. Find out how and why to buy an apartment in Hong Kong during coronavirus.
Buy an apartment in Hong Kong during coronavirus
To own a home is a dream for many Hong Kong people. As experienced local movers Hong Kong we know this for a fact. The Hong Kong real estate market is very resilient when it comes to prices. And as a rule, they are sky-high. But, since the end of 2019, we’ve witnessed deflation in property costs. To buy an apartment in Hong Kong during coronavirus might be easier for you. So, what are the current advantages? Here is a brief mention:
- First-time homebuyers are offered great benefits on mortgages
- Market prices are lower by an average of 10-20%
- It’s much easier to negotiate a further price discount with sellers
- It’s possible to purchase discounted property in prime locations
Why is it the right time to buy an apartment in Hong Kong during coronavirus?
As you can see, there are many advantages, as compared to a couple of years ago. Purchase property in Hong Kong during coronavirus, to benefit from these. However, bear in mind that the Hong Kong property market gets a lot of attention. Remember the 2003 SARS situation, and how quickly it bounced back. The predictions are that the same will happen now. It’s only a question of time when international moving services will be booked to full capacity. And that, for us movers, means everything is going back the way it was, including property prices. So, be wise and be quick. Get an apartment in Hong Kong during coronavirus, to take advantage of the lower prices.
Are you the first-time homebuyer?
If you are, we have great news for you! So, book your packing services and start planning to move to your very own, new home! The policy for first-time homebuyers from 2019 is still on. The amount you can borrow under government-backed insurance is quite high. With this, your down payment is eased. For instance, if you are looking for a property below HK$10 million, you get up to 80% mortgage financing. Combine this with the lowered prices and the possibility to negotiate. How great is that? It might be once in a lifetime opportunity. To buy an apartment in Hong Kong during coronavirus is the optimal time for a first-home buyer.
To sum up, there are obvious advantages if you purchase property during the pandemic. Especially if you are buying your first home. Apart from being exempt from a duty stamp, you can additionally enjoy the benefits we have listed above. So, buy an apartment in Hong Kong during coronavirus, and make your dream come true. Good luck!