Property developers are targeting buyers from Hong Kong for their
overseas projects from Sydney to London, Thailand to Malaysia, hoping to garner sales in the city with mounting political uncertainty.
Revenue from overseas home listings increased by 50 per cent in the first quarter from a year ago, according to Hong Kong-based online property portal Spacious. Such listings have risen by 15 per cent to 20 per cent every month on its website, it said.
“One clear trend is an accelerated listing of inquiries from developers launching their overseas projects. [They are] approaching us to reach potential buyers in Hong Kong,” said Asif Ghafoor, chief executive of Spacious was quoted by local press as saying. “Developers are eager to seize this market.”
A 550 sq ft, one-bedroom flat can be bought for HK$3.5 million in Sydney, and leased out for an about 2.5 per cent rental yield, given low vacancy rates and strong demand from expats, according to agents dealing with overseas properties.