Over the past few years, Hong Kong has seen an ever more increase in the number of expatriates settling in this unique and inspiring city, mostly due to the increasing search for more outside talent from both local and international companies. Upon arrival, one of the most important tasks to tackle for these individuals’ involves renting an apartment. The procedures involved and tenancy laws related can be very different to other cities or countries. This article seeks to illustrate some basic real estate procedures and more importantly tenancy laws involved which I feel are important to know.
When viewing an apartment for rent in Hong Kong, a common mistake is to not realize that the apartment has no curtains and discovering too late as the apartments are rented on an “as is” basis. In Hong Kong new apartments don’t include curtains and fittings in the sale, and for renovated apartments the curtains are left to last as they can be quite costly and also just gather dust in a vacant apartment. So if the apartment has no curtains and fittings make sure to get the agent to include the installation in the agreement, or, depending on the landlord, you may end up paying for them out of your own pocket.
The medium term prospects for the real estate market in Hong Kong are good with analysis showing that the number of renovation and new development projects started in recent years is below what is required for the current level of demand. This undersupply will last for at least the next four years according to expert industry analysis. This has resulted in predictions for property price growth of up to 12% annually for at least the next four years, making the real estate market in Hong Kong today a highly attractive prospect.
The Mid Levels in Hong Kong are the popular residential areas upon the slopes of Victoria Peak (or Tai Ping Shan) and “The Peak” on the north of Hong Kong Island. The Mid Levels has a long history of expatriates living on these hill sides from early British colonists escaping from the tropical heat on the lowlands to the modern-day expatriate families and professionals attracted here by the exclusiveness, convenience to Central and the established compatriot communities. The expansive area consists of 3 connecting areas Mid Levels West, Central and East. Although all of the areas can be referred to as the Mid Levels each area has its own characteristics in terms of the sparseness, population density, greenery, transportation system, types of accommodation and views. But one thing remains the same with the three areas and even throughout history, is that the higher up the residence the more exclusive, which generally means the higher up, the larger and more expensive the property.
One of the reasons why the visitors prefer the Hong Kong apartments for rent is that these apartments are much cheaper than the hotels and other means of accommodations. There are several other benefits of these apartments as well. For example, there are apartments that come with the round the clock security systems and so on.
Hong kong is actually ranked as the most expensive destination for a live in the entire world according to details at www.accommodationhongkong.net