Change of behavior in the Hong Kong Real Estate market following the pandemic.
The Hong Kong real estate market has recently noted an indirect effect of the post-coronavirus- pandemic, for homebuyers and investors, with a drastic change in their preferences.
1) Change for many well off homebuyers.
The new unexpected work-from-home lifestyle has lead to a big change for many well off homebuyers during the pandemic. They now have different priorities and are looking for a bigger housing lifestyle change, they want to live closer to nature or closer to the seaside.
2) Avoid when living away from the city.
Let alone the protest that people can avoid when living away from the city, the new work-life balance they are getting used to, and are looking for is worth spending a little more time commuting, going to or coming back from work (given that it has now become seldom that they necessarily have to do so, or only a couple of times a week for many), as they now look for areas with low density, greener space, bigger properties with more privacy, an outdoor area if not a garden, ideally close to the water or to the mountain.
3) Huge increase in inquiries for properties in the Sai Kung.
As a consequence, a huge increase in inquiries for properties in the Sai Kung and Clear Water Bay areas, in the New Territories, has been observed over the last 6 months in Hong Kong real estate market.
“Since January, we have received three times more inquiries on Clear Water Bay, as the location has similar density and vibe as Island South but at half the price tag.” an agent says.
In Sai Kung alone, the developer Sino Land, who has launched a new 33-unit development (133 Portofino), has already sold two of those units for respectively HK$28.8 million and HK$38 million.
4) Experienced in Hong Kong during the SARS.
This situation is somewhat similar to the one the real estate market experienced in Hong Kong during the SARS outbreak in 2003. Now more than ever health is a priority, and for many homebuyers who plan to move away from the dense city, the air quality and the view they can enjoy in a greener area, along with a bigger space they can enjoy, have all become even more important in their decision making.
In that sense the Sai Kung and Clear Water Bay areas have a lot to offer to homebuyers.
5) There is an opportunity for buyers.
As Marco Ma Yu-fan says (senior director at Eastmount Property Agency Ltd) «There is an opportunity for buyers to trade up from a small apartment in the city to a bigger house, with a garden or rooftop, in a natural environment.». «People come to Sai Kung or Clear Water Bay and feel relaxed. It feels like no other place in Hong Kong.» he adds.
Being a Hong Kong Real Estate expert, Marco Ma has recently closed a HK$68 million sale for a high-end resort-style villa house in Sussex Lodge on Silverstrand Bay.
6) Waterfront Duplex is currently available.
Among the properties currently available for sale at Eastmount Property Agency Ltd, a newly renovated, four-bedroom waterfront duplex with rooftop in Costa Bello (a gated residence with a large communal pool, walking distance to Sai Kung town) which offers unparalleled stunning sea views of both Sai Kung town and the surrounding islands, which can never be built out (asking price HK$32m).
People who wish to find out more about buying or investing in a great property in the Sai Kung or Clear Water Bay areas shouldn’t hesitate to contact Marco Ma at Eastmount Property Agency Ltd.