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Below are the top 10 most expensive houses in Hong Kong.Prices (valuation) are based on best estimates in 2023. Factors determining prices include location, view, built quality, past transactions, media reports and annual figures published by Rating and Valuation Department of the Government.
A property tax known as "rates" has been levied in Hong Kong since 1845. The tax applies to all domestic and commercial properties unless exempted, and is based upon the rental value of the property, re-assessed each year. Formerly part of the revenue went to the Urban Council and, from 1986, the Regional Council, but since 2000 the whole ...
Real estate appraisal. Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics. The location also plays a key role in valuation.
Property developers are major landlords of residential, retail and office space in the territory, engaged in all aspects of property development, construction, property investment and management. Most hold sizeable construction land banks, such as Henderson Land, Sun Hung Kai Properties, New World Development and Cheung Kong, which hold between ...
A CBRE report from 2019 lists Hong Kong as having the highest average property price in the world. [20] As of June 2021, an average 500 sqft apartment cost HK$9.44 million in Hong Kong Island, HK$8.32 million in Kowloon, and HK$7 million in New Territories; an average family would have to save for about 20.7 years to pay for such a unit. [21]
As property value increase, the tendency with Hong Kong property owners is to leave property vacant whilst waiting for a better time to sell it on. This subsequently raises the vacancy rate. (For example, in 2007, the vacancy rate for residential properties in Hong Kong was close to 2.5% with an 11% increase in the value of residential properties).
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t. e. Government Property Agency (GPA) is an agency under the Financial Services and the Treasury Bureau of the Government of Hong Kong. Established on 1 April 1990, the Agency manages the government properties which were distributed among Government Secretariat, Lands Department, and Rating and Valuation Department.