According to China Daily Asia, property investors and speculators in Hong Kong are now looking towards the Pearl River Delta in search of larger and better value property options. Buyers are searching out bargains in Zhongshan, Dongguan and Zhuhai in response to rapidly increasing prices in the Hong Kong market, both for rental and their own use when staying in the mainland, thus saving on hotel and transport costs.
Developers in Hong Kong have been seemingly competing in a ‘race to the bottom’, with many new developments being smaller than their competitors, in order to reduce price and increase the number of saleable units available. For example, Henderson Land’s new One Prestige development in North Point, Hong Kong Island, contains 128 flats that range from 163 to 288 square feet from HK$3.67 million including a 5% discount. There is a further, even smaller, development calledAVA62being constructed on the other side of the Harbour in Jordan by Wisdom Gaining. Sizes here range from 152 square feet, which includes a 21 square foot balcony, bringing the average price of a unit to around HK$3 million. This being the case, it is easy to see why investors are looking to the rest of the Pearl River Delta in order to satisfy their lust for purchasing properties that are larger than a shoe box and also substantially cheaper than those offered in Hong Kong!
Prices in the Delta are now rising and have increased by 10% to 15% over the past year, with experts expecting growth to increase by around 20% to 30% over the next couple of years. After completion of the Hong Kong-Macau-Zhuhai bridge prices will increase further and this could mean that eventually the most expensive property in the world will no longer be solely the domain of the former British colony.
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