User:Gentlebob/Hong kong property

The Hong Kong property market is volatile but strong and unique. It generally rises and falls in 6 to 8 year cycles; the latest one rose steadily from 2003 to late 2008 when it went through a correction. This downturn, which "nadired" out toward Nov and Dec 2008, was not entirely due to the global financial crisis but as much a correction of its own natural hype and meteoric rise.

Searching for property in Hong Kong can be a confusing and frustrating, albeit financially rewarding process. Real estate agents here tend to deal in "dual representation"; they represent both buyers/renters and landlords. This means if you are seeking property to live in you may have your agent whom you have entrusted to getting you the best deal possible favoring the landlord or at least balancing your needs with the landlord.

Another factor that makes property searches here complex is the lack of a central database. Thus you may have an agent help you search around one neighborhood, but if you mention a neighborhood even a few blocks away they will give you a card for someone else or even simply send you away. They only have listings and knowledge/experience in their own immediate areas.

Many expats turn to relocation companies to help them find a home. These companies often have listings all over HKSAR, especially the more popular districts for expats. At least one company, Buyers and Renters Property Agency tries to fill this niche by representing only the buyer or renter and not the landlord and by liasing with agents all over and doing the legwork for people.

Still, it's a lucrative market to be in. Within a few years and sometimes even a few days, fortunes can be made if one has a good knowledge of an area and the prevailing trends within the current market.