Moving to HK

[BuzzBox]

Something cheery to think about:

Hong Kong homes remain most unaffordable in world for 14th year: research

[corporal klinger]

The single biggest mistake pilots make here is not to buy.

[Dingleberry Handpump]

Originally Posted by corporal klinger

The single biggest mistake pilots make here is not to buy.

Tell that to anyone who bought in the last few years. you’d be mad to get on the HK market now. Prices are heading 1 way.

Commit a life changing amount of money/debt to an absolute **** tip (which they quite literally all are in HK)? No thanks.

[Dilbert68]

That used to be true but I'm not sure I have any faith in a property market recovery any time soon. Prices are still going down despite the government canceling their property cooling measures. There are plenty of vacant shops and flats all over HK, that flood of mainland money has dried up. Who is going to buy or rent these places?
I have lost more in the past 5 years being an owner than if I had rented the same flat I am currently in.

[Hardrod]

That's why people are taking advantage of the public flat system myself included. They rent it but never live there, give it back to the govt after 3 years then use the quota to buy a flat in second hand market, aka green form entry, this is the most economical way to own a property in HK! Of course it takes a long wait and a bit of luck.

[corporal klinger]

Dilbert, not sure if I agree that it used to be always good. Just look at past crises, prices did fluctuate in the past heavily before, SARS and handover as examples. In regard to price trend, how realistic is it to buy at exactly the bottom? We all try, but in reality it does not work like that. If you look at the HK house price index it actually rose last month. Prices reflect expectations, so by definition if you want to buy at the bottom you will have to buy at a time people are pessimistic. Still most think there is a point in time where the prices are low AND the outlook good. No such thing, not in real estate nor stock market.The strange thing with real estate ( or stocks) is that somehow lower prices seem to stop some people from buying. Just imagine the same effect with other goods, like tomatoes or a TV.
From experience, whenever and wherever you buy you take a risk and it is initially painful.The mistake in my opinion is to wait for the perfect moment, for too long.

https://www.house730.com/en-us/market-data/


Dingleberry, did you buy in Dubai? Prices increased there by almost 80% last 3 years. Would you trust this market more? I personally probably buy as well if I lived there, but was wondering if you see Dubai real estate as a safer bet. There was a significant russian money rush into the country after western sanctions, which could dry up or go the other direction again. Then no scarcity of land and enormous supply in the pipeline everywhere down there. Then you have Saudia emerging as cash-rish competitor. They will try everything they can to lure local HQ's and financial firms to Riad. Then the vicinity to a constant war zone.Then the unknown quality of future rulers. They are after all not selected by merits but purely by birthright, the next guy could well be a useless spoiled brat.Then climate change which will see the region go above 50 degress on a regular base soon and (ironically) flooding with no drainage facilities installed anywhere. Without local intelligence, this looks a lot more speculative to me than HK.

[jjmclure]

Originally Posted by veryoldchinahand

TC = worst air quality in HK
You make a good case for the advantages of DB ck and it does suit some expats very well.

FFS. How can DB have clean air and TC is toxic.
Do you think the pollution only rises to the elevation of Lantau ??

[veryoldchinahand]

Originally Posted by jjmclure

FFS. How can DB have clean air and TC is toxic.
Do you think the pollution only rises to the elevation of Lantau ??

Your answers are in the official published government pollution figures - not difficult to find.

[dream747]

Some of you mentioned about driving. Do apartments typically come with a carpark lot? The impression I get from some research is that carpark lots for lease are expensive and availability is scarce, most apartment rentals don’t come with a carpark lot as they are mostly a separate entity despite being within the compound, and you’ve got to look in the vicinity for one (if there are any available at all) at some local carparks some distance away. For those who live in an apartment how do you go about looking for one that comes with a carpark lot?

Any idea if staff parking rates at HKIA is definitely available to pilots and can anyone share the approximate parking rates?

With much thanks to all for sharing.

[SOPS]

Originally Posted by dream747

Some of you mentioned about driving. Do apartments typically come with a carpark lot? The impression I get from some research is that carpark lots for lease are expensive and availability is scarce, most apartment rentals don’t come with a carpark lot as they are mostly a separate entity despite being within the compound, and you’ve got to look in the vicinity for one (if there are any available at all) at some local carparks some distance away. For those who live in an apartment how do you go about looking for one that comes with a carpark lot?

Any idea if staff parking rates at HKIA is definitely available to pilots and can anyone share the approximate parking rates?

With much thanks to all for sharing.

Depending on where you plan to live, why do want a car? Taxis are everywhere and cheap. Public Transport is good. I personally think having a car would be a pain.

[BuzzBox]

Originally Posted by dream747

Some of you mentioned about driving. Do apartments typically come with a carpark lot? The impression I get from some research is that carpark lots for lease are expensive and availability is scarce, most apartment rentals don’t come with a carpark lot as they are mostly a separate entity despite being within the compound, and you’ve got to look in the vicinity for one (if there are any available at all) at some local carparks some distance away. For those who live in an apartment how do you go about looking for one that comes with a carpark lot?

Any idea if staff parking rates at HKIA is definitely available to pilots and can anyone share the approximate parking rates?

With much thanks to all for sharing.

I lived in Hong Kong for 17 years. Never needed or wanted a car. Far too much hassle for the limited benefits of having my own wheels. HK is not like many Western cities where a car is pretty much a necessity.

[Bokpiel]

Best public transport system in the world. If you live so far outta town that you need a car then it probably won't be in an apartment block and will thus have parking space somewhere close by.

If you really want a car then go electric, as HK has the most expensive fuel in the world.

[dream747]

Was potentially considering living in areas further away from the airport like Tai Wai, Sha Tin, Ma On Shan where direct bus services would take about an hour to the airport, whilst driving would take just about half the time.

Thought it might be easier as well to take my dog along to explore the different nature areas around HK.

But if carpark lots are unduly expensive and availability is scarce then it does seem like it would defeat the purpose of having a car.

Thanks for the sharing your experiences!

[G Merch]

Originally Posted by jjmclure

FFS. How can DB have clean air and TC is toxic.
Do you think the pollution only rises to the elevation of Lantau ??

Most actually does.
Stand on the ridge line some day in the winter and look both ways. You'll see the difference.

[BuzzBox]

Originally Posted by G Merch

Most actually does.
Stand on the ridge line some day in the winter and look both ways. You'll see the difference.

I lived in DB for over 10 years and I can assure you the air quality there is only marginally better than Tung Chung. Whenever we wiped anything down inside our flat, the cloth would end up black because of all the soot in the air. Imagine what it's like outside!

[Rupperrt78]

Originally Posted by BuzzBox

I lived in DB for over 10 years and I can assure you the air quality there is only marginally better than Tung Chung. Whenever we wiped anything down inside our flat, the cloth would end up black because of all the soot in the air. Imagine what it's like outside!

indeed air quality differences are minimal between the two. Anyway, it’s gotten much better over the years and is barely an issue most of the time these days.
HK has the highest life expectancy in the world so it can’t be that bad.