Hong Kong Rent Prices

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Appointing Estate Agents

Legally, your real estate agent should introduce the properties to you, help you in negotiation and once you have found a suitable property, help you enter into a legally binding tenancy agreement. Besides the legal requirements, many responsible agents will also provide their clients with a range of useful after-sales service before moving in and during your tenancy term. Click here for the list of agents who may help you find the property that suits you.

Tenancy / Leasing Agreements

Before signing a tenancy agreement, both landlord and tenant should request sufficient information from each other in order to protect their own interests and to avoid future disputes. The landlord needs to make sure the tenant has the financial means to fulfill the tenancy agreement. The landlord should ask the tenant about his/her occupation, and when needed, the landlord can also ask the tenant to provide relevant proof regarding work, income and credit-worthiness. The tenant should check with the landlord or the Land Registry whether the property is mortgaged. If it is, the tenant should ask the landlord whether the bank has agreed for the property to be rented out. Generally, a mortgage agreement will specify that unless the landlord has obtained the bank’s approval, the mortgaged property cannot be rented out. If the landlord rent outs the property without the bank’s approval and then stops paying the mortgage, when the bank takes possession, the tenant will lost his/her right to continue renting the property. The tenant may also lose his/her deposit.

Buying Property & Planning Your Purchase in Hong Kong

"Buying Property & Planning Your Purchase in Hong Kong Property Market Prior to making the decision to buying property, several things are to consider; fees, mortgage loan and property price and the property itself. Calculate the total expense of the purchase, e.g. as solicitors' fees, mortgage charges, insurance Fees and stamp duties Check with banks to find out if you will be able to obtain the needed mortgage loan, select the appropriate payment method and calculate the amount of the mortgage loan to ensure it is within your repayment ability Check recent transaction prices of comparable properties for comparison Property area and its surroundings visit the property site and get to know the surroundings of the property (including transportation and community facilities), and check town planning proposals and decisions which may affect the property When calculating the per-square-foot price, you should fully understand whether the calculation is based on the ""saleable area"" or the ""gross floor area"" of the flat. If in doubt, consult a surveyor or lawyer, and enquire with the developer The ""saleable area"" of the flat - the area of the flat (inclusive of the area of any balcony and utility platform). Other areas, such as flat-roof, roof, garden, cockloft, yard, terrace, bay window, air-conditioning plant room, etc., will be listed item by item, but will not be included as part of the ""saleable area"". Other information you will also need to consider: interior and exterior fittings and finishes management fees (e.g. whether items such as Internet fees and club house fees are included) whether animals are allowed whether owners need to share the expenses for managing, operating and maintaining the public open space or public facilities inside or outside the development, and the location of the public open space or public facilities "

Mortgage Calculator

Mortgage Calculator can let you know the detail of mortgage Information based on Property Price,Down Payment, Interest Rate and Term.

Mortgage Insurance Programme (MIP)

According to the guideline of the Hong Kong Monetary Authority, banks have to comply with a 70% loan-to-value ("LTV") guideline on residential mortgage lending. Yet, with the MIP providing mortgage insurance to banks, banks can lend out mortgage loans more than 70% of the value of the property without incurring additional credit risk. As long as an application meets the relevant eligibility criteria, the bank can lend a mortgage loan of up to 90% LTV ratio under the MIP. In other words, homebuyers may only need to pay 10% of the property price for down payment, which greatly reduces their down payment burden.