The Protests In Hong Kong Are Forcing The Citizens Of The City To Buy Houses Abroad

23/10/2019

 

 

The documents for emigration increased by 48.7 percent and purchases of offshore homes are concentrated in Greece, Portugal, Cyprus, Malta and Malaysia

 

 

In the global real estate market, the Hong Kong protests represent a real upheaval. Indeed, over the past five months, offshore residential property purchases by Hong Kong residents have increased four-fold.

To push citizens to buy homes abroad is obviously the tense atmosphere of the city of Hong Kong. The most sought after destinations to buy a home are those countries that adopt emigration incentives, such as the so-called gold visa offered by Greece, Portugal, Cyprus, Malta, as well as the Malaysian program “My second home”.

John Hu, founder and principal consultant of John Hu Migration Consulting, said: “The new monthly applications and [activities] have increased four-fold. We have received approximately 1,000 applications for visa applications every month” since the anti-government protests began said in Hong Kong in June.

 

To emigrate you must first obtain the certificate of non-criminal conviction

 

John also stated that the most popular destinations for Hong Kong are Australia, Canada and the United States. More than 50 questions were received for Australia, while 30 were received for Ireland, Hu said.

David Hui, managing director of Centaline Immigration Consultants and sales director for China and overseas properties, said “Each project sells. Japan, Thailand, Malaysia and Singapore are also famous. Malaysia and Singapore were particularly popular in these a few months. ”

Mandy Wong, head of the international residential department of the JLL in Hong Kong, said: “Summer holidays are traditionally the low season for buying property abroad, but the requests we received this summer were 30% more than those of a year ago. The agreements concluded since July increased to more than double the number of transactions in the first half of 2019. ”

 

Quality of life has decreased in Hong Kong

 

John Hu added that “Hong Kong is the most expensive city in the world [to live in.] The sense of oppression is great. The proverb says: Hong Kong is a good place to make money but not a good place to live.” Hong Kong, 3 million HK $ are good only for a parking lot, but in other countries, 3 million HK $ are already enough for a building with a parking lot and a swimming pool, “he said.

“The enthusiasm for emigration will continue,” Hu said. “Recent problems remain unsolved by CEO Carrie Lam Cheng Yuet-ngor … so frustration in society will persist.”

The certificates, issued by the Hong Kong police for visa applications to visit, study or live in another country, or for the adoption of children, jumped while Hong Kong protests deteriorated. The figure in September alone has doubled compared to last year to 3,263.

 

 

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