Why Are More Hong Kong Expats Purchasing Luxury Homes Globally?

Firstline

Luxury property agents and luxury property developers across the globe are excited about Hong Kong currently.

The reason is simple; Hong Kong's affluent are now one of the biggest luxury real estate buyers as they shift their wealth outside due to lack of stability back home.

Key Points

Luxury real estate across the globe has one major set of buyers today and it happens to be from the plush city of Hong Kong. Remember Hong Kong real estate itself is one of the most well developed in the whole world. However the expats from this region are busy moving their money outside exploring all possible luxury real estate investment opportunities across Europe, Australia, Canada and within South East Asia too.

As the Canada real estate market tries to shrug off the Covid-19 impact, its premium residential housing industry sector has been buoyed by the real estate inquiries arising out of Hong Kong. Many of the elite from Hong Kong expats wish to relocate and more importantly move their investments to places like Canada, UK, US, Australia and others. Mr. Chad Smith, part of a property agency that specializes in luxury homes confirms that there has seldom been such a flurry of genuine property inquiries coming out from Hong Kong in the past.

He says that most of these luxury buyers are keen to explore the high end availability in the Canada real estate market including both luxury home rentals as well as luxury home sales.

A similar story is playing out in the luxury real estate sectors in Australia, United Kingdom and few South East Asia countries. Mainland Chinese and Hong Kong nationals do have the freedom currently to move their money out of Hong Kong and they want to make use of this to secure the future for themselves and their loved ones. Investing in real estate and immovable assets in foreign countries that are stable seems like an obvious choice. A real estate investment abroad keeps their money safe and allows them the option to move abroad when they are ready to do so. Of course the possibility of capital appreciation is a big bonus too especially as the real estate markets globally are under huge stress.

End Note

Other real estate locations that are witnessing a lot of interest from Hong Kong real estate buyers include: Singapore, Kuala Lumpur, Vietnam, Indonesia, and Vancouver in Canada. Also the luxury real estate in West Coast areas of the United States, Los Angeles, and Sydney in Australia are attracting a lot of attention from Hong Kong expatriates. It seems that luxury real estate selling community cannot have enough of the Hong Kong property investors right now.