{"id":3551,"date":"2022-12-09T12:27:00","date_gmt":"2022-12-09T04:27:00","guid":{"rendered":"https:\/\/www.pacificprime.hk\/blog\/?p=3551"},"modified":"2022-12-09T12:27:00","modified_gmt":"2022-12-09T04:27:00","slug":"your-guide-to-buying-a-property-in-hong-kong","status":"publish","type":"post","link":"https:\/\/www.pacificprime.hk\/blog\/your-guide-to-buying-a-property-in-hong-kong\/","title":{"rendered":"Your guide to buying a property in Hong Kong"},"content":{"rendered":"

Buying a property in Hong Kong is an expensive affair. However, that has never stopped certain expats and locals from wanting to buy property in the city. For those who plan to stay in Hong Kong for a long time, buying a domestic property or home could be a good move. Especially in 2022, because home prices have been falling consistently since 2020. According to CNBC<\/a>, Hong Kong\u2019s home price index for October fell 2.4% to 352.4 compared to the previous month, marking the lowest level since November 2017.<\/p>\n

This Pacific Prime Hong Kong<\/a> article will go over all the steps involved in securing a property in the city.<\/p>\n

\n

\"Family<\/a><\/p><\/div>\n\n

How to buy a property in Hong Kong?<\/h2>\n

Buying a property in Hong Kong is similar to any other country, but here are some key steps you need to know about:<\/p>\n

    \n
  1. You need to complete the mortgage pre-assessment report in order to understand your affordability and calculate your budget.<\/li>\n
  2. Start house hunting; you can reach out to property agents in the city for help in finalizing your choice of property.<\/li>\n
  3. Sign the preliminary purchase agreement and place your deposit.<\/li>\n
  4. Apply for a mortgage.<\/li>\n
  5. Finish legal documentation, and pay stamp duty and the additional deposit. Note that you will need a solicitor to help with this process.<\/li>\n
  6. Wait for your mortgage to get approved and complete the transaction.<\/li>\n<\/ol>\n

    How much can you borrow?<\/h2>\n

    If you are wondering, \u201chow much mortgage can I borrow in Hong Kong\u201d you are not alone. Locals and expats wonder how much mortgage they can borrow, and here\u2019s your answer: if you are a permanent resident buying your first and only property, you could borrow up to 90% of the purchase price. This is a combination of bank and insurance from the Hong Kong Mortage Corporation (HKMC).<\/p>\n

    The bank and HKMC will analyze your earnings, net worth, and expenses and have a transparent but strict eligibility criterion.<\/p>\n

    What is mortgage insurance?<\/h2>\n

    In Hong Kong, banks pay up to 60% of the cost, and The HKMC determines whether an additional 30% is possible, given that you will pay insurance on this. This might sound overwhelming, but the HKMC website<\/a> is user-friendly and will help you understand the process of getting a mortgage and how much it will be possible for you to borrow.<\/p>\n

    When do you pay?<\/h2>\n

    So, now that you know how much mortgage you are eligible for, you can find a house in Hong Kong within that budget and get your mortgage approved. The next step would be to pay your share of 10%, which includes 5% of the purchase price; another 5% will be due once you sign the full sales contract, and the rest will be taken care of by the bank and HKMC. Note that if you are a Permanent Resident, you must pay 3.7% of the total Stamp Duty.<\/p>\n

    Can foreigners buy properties in Hong Kong?<\/h2>\n

    Yes, Hong Kong allows foreigners or expats (except a few nationalities) to buy properties in Hong Kong and rent them out without restrictions. However, the cost of stamp duty will be much higher when compared to what permanent residents pay. Foreigners have to pay a whopping 30% of the total Stamp Duty.<\/p>\n

    Other costs and fees<\/h2>\n

    You will need a solicitor to represent you. Your agent might know one, but it’s a good idea to look for one on your own. Moreover, your agent will take 1% (of the total house price) from you and 1% from the seller, which will be due on completion.<\/p>\n

    Be aware of the renovation costs and budget enough money so that no surprise costs come your way. You will also need property and casualty insurance for unforeseen situations, and a seasoned insurance brokerage like Pacific Prime Hong Kong<\/a> can hook you up with a comprehensive plan.<\/p>\n

    \n

    \"General<\/a><\/p><\/div>\n\n

    About Pacific Prime Hong Kong<\/h2>\n

    From property and casualty insurance<\/a> to family health insurance<\/a>, Pacific Prime is a one-stop shop for all your insurance needs. With over 20 years of experience in the insurance industry, Pacific Prime works with insurers to find a plan that meets both your requirements and budget. So, let Pacific Prime find the right home insurance plan for you while you sort out the colors and curtains for your new home.<\/p>\n

    Get in touch with Pacific Prime Hong Kong<\/a> today for a FREE quote.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Buying a property in Hong Kong is an expensive affair. However, that has never stopped certain expats and locals from wanting to buy property in the city. For those who plan to stay in Hong Kong for a long time, buying a domestic property or home could be a good move. Especially in 2022, because …<\/p>\n","protected":false},"author":34,"featured_media":3552,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2},"_links_to":"","_links_to_target":""},"categories":[1],"tags":[793,790,46,261,2713],"class_list":["post-3551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-ban_fam","tag-ban_gen","tag-cost-of-health-insurance","tag-home-insurance","tag-property-and-casualty-insurance-in-hong-kong"],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"\nYour guide to buying a property in Hong Kong - Pacific Prime Hong Kong's Blog<\/title>\n<meta name=\"description\" content=\"Looking to buy a property in Hong Kong? 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