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Buying Hong Kong property is not restricted to citizens or permanent residents. There are virtually no barriers to foreigners buying Hong Kong property, in the form of condominiums. Below are Healy Consultants' services and information to assist in the decision making processes for buying Hong Kong property:

Hong Kong’s limited land availability, along with its status as a leading business hub, has led to Hong Kong property being amongst the world’s most expensive on a per square foot basis, especially for the luxury end of the market.

In Hong Kong, all land belongs to the government, apart from the St. John's Cathedral. Property ownership is on a renewable leasehold basis. Land leases are usually granted for 75, 99, or 999 years, and are now also being granted for 50 years.

Colliers International believes restructuring of the finance industries and other weak economic fundamentals will result in rentals not experiencing significant increases from current levels. Looking ahead, luxury residential rentals are expected to rise about 5% over the next 12 months if companies in the private sector become more aggressive with their business plans in 2010. Given the sustained buying interest in the marketplace and expectations of further growth on the economic front, the sales market is predicted to further increase over the coming 12 months.

The number of sale and purchase agreements by the Hong Kong Land Registry for all building units received for registration in April 2010 was 14,300 (+12.5% compared with March 2010 and +28.3% compared with April 2009).

The second quarter of 2009 saw an 87% increase in the number of sale and purchase agreements of residential properties above $10 million. With the high level of transactions, the overall luxury residential price index maintained its momentum, increasing 9.8% q-o-q, almost hitting 1997’s peak.

After buying Hong Kong property, investors are assisted by Healy Consultants efficient property management services including i) organizing property insurance, ii) appointing and supervising experienced agents or contractors to undertake property maintenance or refurbishment, iii) managing the process of finding tenants, iv) implementing necessary property security measures, v) ad hoc problem solving and more.

Buying Hong Kong property requires payment of taxes. Healy Consultants provides investors invaluable tax and accounting advice to fulfill tax obligations and help maximize their return on investment.

Healy Consultants assists international investors in buying Hong Kong property by providing professional advice across all required steps form buying to property management services to selling property in Hong Kong. More specifically, services include i) providing an overview of the Hong Kong residential and commercial property markets, ii) providing relevant options for consideration iii) arranging international mortgages for buying Hong Kong property iv) appointing a local lawyer to undertake the legal matters required when buying Hong Kong property v) ensuring formal documents are correctly completed and registered with necessary authorities.

For clients moving to Hong Kong after purchasing Hong Kong property, assistance is given with migration services including arranging work visas, organizing relocation services and orientation programmes regarding their new country and culture.

Information on buying Hong Kong property is sourced from reliable authorities including the Hong Kong Land Registry, Hong Kong's Ratings and Valuations Department (RVD), the Inland Revenue Department and the Hong Kong monetary authority.

As each country has unique legal characteristics, appointing a local lawyer to undertake all the legal aspects of buying Hong Kong property is an important step. Some of these processes include:

Creating a legal engagement agreement between our client and the lawyers outlining roles and responsibilities, terms and conditions and legal fees related to buying Hong Kong property.

Collecting the due diligence from the lawyer to ensure our client is adequately protected when buying Hong Kong property.

Establish and monitor the key legal dates of execution, including settlement date, date of handover of keys.

Review all legal documents to ensure our client is adequately protected when buying Hong Kong property.

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Ensure our client’s Hong Kong lawyer is frequently communicating with all parties to the property transaction, including mortgage bank, local government institutions and counterpart lawyers.

For more information on buying Hong Kong property, call our Hong Kong office at (+852) 8331 1911 or contact email@healyconsultants.com