Are you looking for the hottest places in 2022 to buy Real Estate in Hong Kong? Hong Kong is the most developed cosmopolitan city in Asia. Each of its neighbors contributes to the rich mosaic of geography real estate investors have come to love. From the nightclubs of Lan Kwai Fong to the fancy markets of Mong Kok, there’s nothing the city cannot provide. Hong Kong is divided into two parts: the Kowloon, which is made of a more traditional setting, and Hong Kong Island, which is the more sophisticated metropolitan area with lots of luxury and a pulsing nightlife scene.
From the soaring skyline of the central Hong Kong skyscrapers to the bustling markets of Kowloon, there’s a lot of scenes to consider before investing in the world’s most developed city. Here are the top neighborhoods to consider when property hunting in Hong Kong.
Wan Chai is one of Hong Kong’s most versatile neighborhoods. Wan Chai is a perfect example of the confluence of all of those opposing elements; it is sandwiched between Admiralty and Causeway Bay right in the city center. It extends from Bowen Road down to Victoria Harbor.
The neighborhood architecture is mainly skyscrapers, towering office buildings, hotels, exhibitions, and conference centers. Although the wan chai neighborhood is sandwiched in modern architecture, there are a handful of heritage buildings as well.
This is the leading residential hub of Hong Kong. It boasts of the best views from Victoria Peak. It is close in proximity to the very exclusive park areas, and a stone throw from SoHo. Most real estate investors opt to go for mid-level neighborhoods because of the high rental yields and ease of transportation.
The Mid-Levels is also an excellent area for families due to its proximity to popular expat schools. Mid-range residential properties in this neighborhood could cost around $8000 monthly on rent. Building configurations range from flats to condominiums, penthouses, and apartment buildings.
SoHo is one of the most popular neighborhoods and best places to buy real estate in Hong Kong. The neighborhood has gained popularity internationally for its high entertainment activities. It is sandwiched between central and mid-level Lan Kwai Fong. SoHo is short for South of Hollywood Road and covers the area between Staunton and Elgin Streets. The streets of SoHo are scattered with clubs, galleries, design stores, and cafes.
Most real estate investors are attracted to the SoHo neighborhood because of their busy activities. However, it’s also a boisterous place to raise a family. The area that is preferred by families is SoHo, it is just on the side of Lan Kwai Fong, but not as busy or noisy during the early hours. SoHo is still an expensive place to live but has a slightly slower pace of life than Central. Having said this, the area still offers high-rise living options, mainly accommodating expat families.
Perched high on the northern slope of Hong Kong Island, Jardine’s lookout is the most exclusive area in Hong Kong city and provides investors with the space lacking in most other areas. It is a serene residential district with luscious parks and gardens.
Jardine is popular in the Hong Kong real estate scene for its extensive and luxurious residential apartments; no other part of Hong can compete in this regard. The area also has amenities ranging from boutiques, shops to post offices. The average monthly rent is around $7800 for a single-bedroom apartment. The average rent per month ranges from $7000-$8000.
The area sits on 40 hectares (9100 acres) of land previously reclaimed from the Victoria harbor. West Kowloon is considered to be the newest residential neighborhood to buy real estate in Hong Kong. In 2019 over $20 billion Hong Kong dollars (£1.9 billion) were invested into the interim development of the area in terms of arts and cultural monuments. It already houses the city’s tallest building, the glistening International Commerce Centre, where visitors can experience the vertigo-inducing sky100 observation deck.
Residential Property configurations here range from 1-2-3 apartment buildings, condos, and terrace apartments. Rents in the West Kowloon neighborhood are considerably cheaper than in central Hong Kong districts. The average rent per month ranges from $5000 to $6000.
Wong Chuk Hang
The Wong Chuk Hang or Staunton creek is an industrial and residential area of the southern Hong Kong district. Although it is everything with the modern Hong Kong neighborhood layout, it combines the remnants of old Hong Kong architecture. Wong Chuk has grown from a commercial hub of a former industrial building into a revitalized office, retail, residential, and hospitality space. The real estate activities in Wong Chuk have remained strong, especially after the opening of the Wong Chuk Hang MTR line.
Wong Chuk is one of Hong Kong Luxury real estate neighborhoods with apartment listings going as high as HK$105,000 for a standard three-bedroom apartment. The price to Income Ratio in the community is around 46.72%. In summary, the Hong Kong neighborhoods offer a modernistic real estate scene unmatched by any other city in the world.