Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Hong Kong Residents Eye Homes Overseas as Protests Drag On

Hong Kong Residents Eye Homes Overseas as Protests Drag On

Residents of Hong Kong are hunting for homes all over the world as tense anti-government protests look set to drag into the new year. Real estate brokers have registered a surge in buyer interest. Australia, Canada among most popular destinations in the West.

Real estate brokers from Australia to Canada have seen a surge in interest over the past few weeks, with the desire to secure a safer future prompting many to look beyond the Asian financial hub.

“There’s been an increase in capital outflows from Hong Kong-based investors into other major global real estate markets, with Australia, Singapore, Japan and the U.S. all seeing an increase in purchasing activity,” said Ben Burston, Knight Frank LLP’s Australia-based chief economist.

Pro-democracy protests that erupted in June have crippled the city’s economy and caused huge inconvenience to people’s daily lives. The police have fired more than 16,000 rounds of tear gas over the past six months while black-clad protesters have vandalized transport facilities and pro-China shops.

Thousands of demonstrators swamped the central business district Monday opposing the arrest of four people connected to a group that helps the protest movement. Hong Kong has even canceled its traditional New Year’s Eve fireworks over security concerns, the latest popular event to be scrapped.

Fed up, some residents are planning a move elsewhere.

“I have to come up with a back-up plan,” said Cat Liu, a salesperson in her 40s who’s considering buying an apartment in Taiwan or Malaysia, partly because of the current political situation. “The situation hasn’t gotten any better. Both sides are standing firm and there’s no way to reach a compromise.”

Even though Asian destinations offer more affordable investment opportunities for the middle class in Hong Kong, the more affluent tend to opt for properties in the West. Australia is also an attractive choice.

Safety Concerns

“Buyer interest from Hong Kong has stepped up considerably compared to what we’ve seen in the past two years,” said CBRE Group Inc.’s Australia residential director, Colin Griffin. “Safety concerns for families due to the recent riots have been driving the increased interest, with Australia viewed as a safe haven.”

CBRE expects the high-end residential sector will be supported by overseas investors, particularly those from Hong Kong and mainland China.

To that end, it recently launched an offering called The Penthouse Collection, with a focus on luxury apartments in Sydney, Melbourne, Brisbane and the Gold Coast. The units will boast extras such as private lifts, wine cellars and rooftop pools, in addition to valet and concierge services.

CBRE in Australia plans to work with CBRE offices in Hong Kong and mainland China to target prospective purchasers. The properties average A$20 million ($13.8 million), with some costing upwards of A$30 million.

“These buyers are looking at trophy homes and are prepared to pay a premium in order to secure top-end properties,” Griffin said.

Different Questions

Generally through, most Hong Kongers are looking at the under A$2 million price point, he said. Around A$1 million will buy you a two-bedroom apartment that’s not too distant from a capital city’s center. Inquiries are increasingly from people wanting to live in the units, rather than use them as investment properties.

“Normally in Hong Kong we have people talking about yields and what rentals can be achieved,” Griffin said. “Now people are talking more about schooling, where their children can stay, how far properties are from transport and travel times to the city. They’re asking very different questions to what they’ve done over the past few years.”

Canada is another popular destination.

David Ho, a Vancouver-based senior vice president at CBRE, travels frequently to Asia, including Hong Kong and Macau, to meet with buyers as well as potential investors.

“They’re 35 to maybe 45, young families. A lot of people are just trying to learn about Canada and set up a conference call with immigration consultants, education consultants, mortgage brokers, accountants that give them a broad view of everything,” Ho said.

They’re looking to buy homes worth up to C$1 million ($760,000) and are “average Joes,” he said.

The larger number of inquiries hasn’t always translated into more transactions, however.

“While inquiries have gone up, the amount of transactions and the amount of people taking money offshore are at similar level” to this time last year, said Mark Elliott, Hong Kong-based head of international residential for Savills Plc.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
×