Hong Kong’s real estate market is witnessing a steady influx of buyers who are being attracted by the amazing freebies and other incentives being offered to them by real estate developers. The planned vacancy tax in Hong Kong is on the anvil and these freebies are being offered to sell apartments fast before this is introduced. Several real estate players are offering freebies such as early move-in dates and rail tickets absolutely free of cost.
The Hong Kong real estate market is witnessing cooling signs although this may spark buyer demand since it is one of the most expensive realty markets worldwide. For example, CK Asset Holdings Limited is offering high-speed rail holiday and travel deals inclusive of accommodation which are worth a whopping HK$280, 000 or roughly $35, 700 for those buying one four bedroom property at a project in west Hong Kong. Kerry Properties Limited, the developer of Mantin Heights at Kowloon, offers buyers the chance to shift post the payment of 10% of the deposit and for the first couple of years, they would only have to fork out the management fees and government rates.
Incentives are being offered galore as real estate developers aim at selling stocks prior to the introduction of the vacancy tax where developers will be fined for holding onto apartments which are empty. Home prices may fall on account of this factor along with the rise in interest rates. Some developers are giving high discounts on apartments while other players like Sun Hung Kai Properties Limited, are offering special deals on unit prices. The company is offering loans of 100% of the price of units to buyers at its Park YOHO Napoli project located in the New Territories. This can be availed by those buying apartments worth more than HK$7 million and comes with some conditions like putting up other property as collateral. Prices of homes are expected to go down by around 15% over the next year in Hong Kong, making it possible for several people to finally own homes here.
