Hong Kong is widely recognized as one of the costliest real estate markets globally although recent market conditions have spurred a lowering of prices, making property more accessible to buyers. In a recent development, the Hong Kong-Zhuhai-Macao Bridge will be opening officially to traffic as the longest cross-sea bridge in the world. This will definitely boost real estate across residential, warehousing and retail sectors according to experts.
This infrastructural development will infuse new life into Hong Kong’s realty market as per several reports. The bridge will be lowering travelling time between cities located in the Greater Bay Area, surrounding the Pearl River Delta. Commuters will now be able to reach the Kwai Chung Container Port in Hong Kong within only an hour from Zhuhai. This distance earlier required 3.5 hours as per reports.
Apart from residential pockets in Hong Kong and surrounding areas, the hospitality and retail realty sectors will also benefit from this development. Tourist activity will grow across the entire region due to better connectivity as per reports. The new bridge and the Guangzhou-Shenzen-Hong Kong Express Rail Link that has just been opened will boost the tourism sector in Hong Kong, drawing an extra 2.1 million mainland Chinese tourists by the year 2020. With average spends calculated at HK$3, 400 for dining and shopping by visitors last year, this indicates extra turnover (retail) of HK$7.1 billion annually. Hong Kong’s realty market will benefit hugely from these two developments as will the retail and hospitality sectors.
