HK Islands See Home buying Surge Due to Remote Working

Houses on Hong Kong’s outlying islands, which are 40 per cent cheaper than their urban counterparts, are enjoying a surge in popularity as a shift to home-working during the coronavirus pandemic changes the priorities of potential buyers.
BY Realty Plus
Published - Thursday, 04 Feb, 2021

Houses on Hong Kong’s outlying islands, which are 40 per cent cheaper than their urban counterparts, are enjoying a surge in popularity as a shift to home-working during the coronavirus pandemic changes the priorities of potential buyers. The number of homes changing hands on islands like Lantau, Tung Chung and Lamma, has shot up by more than a quarter as Hongkongers increasingly look for tranquility and bigger spaces now that convenience and an easy commute are less important, say agents. The Islands district saw a 28.5 per cent leap in transactions in the secondary housing market last year to 1,699, according to Midland Realty. That was the fourth largest increase among the 18 districts, up from 10th in 2019. The district includes Tung Chung, Discovery Bay, Lantau Island, Cheung Chau and Peng Chau. Under the pandemic, people have placed unprecedented emphasis on health and the environment, said Owen Yau, associate director of realty investment at Savills.