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Transaction volume expected to rise by 30% this year
Feb 14, 2023
Transaction volume expected to rise by 30% this year Hong Kong
By   Internet
  • City News
  • Hong Kong housing market
  • Hong Kong home ownership
  • Hong Kong property
Abstract: With the introduction of the Guangdong-Hong Kong-Macao Greater Bay Area policy in recent years, the enthusiasm of Hong Kong residents to buy homes in mainland cities in the Greater Bay Area has continued to grow.

According to Centaline Property Transaction, in the two to three years before the epidemic, an average of 400 to 500 cases of Hong Kong residents buying homes in the Mainland were recorded each year.

 

Leung Sin-kau said that he had received many enquiries after the customs clearance and believed that the number of Hong Kong people buying properties in the Greater Bay Area had increased by about 30 per cent this year.

 

He said that there were concerns about the situation of broken properties in the Mainland, which inevitably undermined people's confidence.

 

However, he reminded consumers that if they want to have peace of mind when buying a property outside of China, it is best to appoint a licensed estate agent in Hong Kong and a reputable agent to provide greater protection for buyers.

 

He also advises against "buying from across the mountain", especially for uncompleted properties. Buyers should visit the place in person, no matter how busy they are, to understand the quality of the property, the construction materials, the facilities inside and outside the house, and the infrastructure and facilities in the neighbourhood.

 

To protect consumers, licensed agents in Hong Kong are required to follow the guidelines when selling uncompleted properties in Hong Kong, and there are four important pieces of information that must be provided.

 

In addition to the five certificates and two documents, these include a "due diligence report on the vendor and the property", "provision of a lawyer practising in the location of the uncompleted property outside Hong Kong", a "written warning statement" and a "sales information leaflet", as well as a "cooling-off period".

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Transaction volume expected to rise by 30% this year
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