Hong Kong Home Prices Are At Its Highest Causing Many To Seek The Help Of Investment Property Vultures

Hong Kong Home Prices Are At Its Highest Causing Many To Seek The Help Of Investment Property Vultures

Hong Kong home prices have hit a 13-year high according to the Centa-City Leading Index, an independent monitoring service run by the city's biggest property agency.

Average values were up by 1.7% in early March to their highest since October 1997, Centaline Property Agency revealed this week. The index has now increase for five straight weeks, the agency said.

The Hong Kong authorities have been involved in a year-long battle to curb housing prices in the city by imposing additional property transaction taxes and pledging to increase land supply for medium and small housing units.

Average residential prices are up 65% in two years, fuelled by an economic recovery, record low mortgage rates and an influx of buyers from mainland China.

"It just shows that any government intervention would be ineffective in the face of strong demand," said James Cheung, a surveyor at Centaline.

"With the way the economy has been growing there are many people looking to upgrade to bigger apartments. There is just not enough supply in the market to meet demand."

And, as if to amplify the Centaline survey, the number of home sales in Hong Kong surged 30% in February from the previous month, according to data from the city's Land Registry, which was also released this week.

There were 10,390 sales and purchase agreements registered in the city in February, commanding a combined spend of HK$45.6 billion ($5.9 billion), a 37% jump from January and 12% more than a year ago.

Elsewhere, the city's government announced that it may auction as many as 52 plots of land this year, Hong Kong Financial Secretary John Tsang said. The extra land will provide for 16,000 units, the government says.

Hong Kong is now the world's most expensive place to buy a home, because of supply shortages, according to a study released by London-based agency Savills in January.

Due to inflation of home prices, investors in Hong Kong and mainland China are looking elsewhere to purchase a home. The United States, especially Florida, is one of the hot spots. Prices in many parts of the United States dropped 25 percent to 35 percent last year, but it is the secure, established nature of the U.S. residential sector that is particularly attractive to Chinese investors.

Many Chinese investors are opting to purchase sight unseen according to Investment Property Vultures. The Orlando, Florida based company specializes in bringing exactly these illusive property deals to the Chinese buyers is. Mainly they offer foreclosures and distressed properties but also, government owned properties. Investors anywhere in Asia including China, Hong Kong, and Singapore can contact them via their website www.investmentpropertvultures.com or email them at info@investmentpropertyvultures.com.

The fact that the prices of homes in the United States are such bargains and their monies are secured by a Title company before finalizing the purchase of the property has provided the Chinese the confidence in purchasing sight unseen.

"The Chinese are going to seize the opportunity to take advantage of some great deals. Before, we heard of Chinese or Hong Kong movie stars buying homes in the U.S., and now more and more Chinese can afford to have the same," said a representative of Investment Property Vultures.

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