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Trendy spacious lofts in Hong Kong creating an underground market
19.02.2010
Rising rents and surging prices of apartments in Hong Kong are driving a trend towards converting older industrial and commercial buildings into lofts for residential living.
Lofts are the latest big thing and are often created without formal approval in old or disused industrial and office buildings, according to real estate agents. But they appeal because they tend to have high ceilings and prices well below market rates.
While a standard $500 square foot apartment in Hong Kong might set you back HK$4 million you could get double that in the unofficial loft market, it is claimed.
One agent said he recently helped an expat buy an 800 square foot commercial turned residential unit for HK$32 million which the buyer intends to uses as his office and home.
‘Rents of homes in Sheung Wan range from HK$20 per square foot to as much as HK$40 per square foot, but tenants in such loft apartments are paying less than HK$15 per square foot,’ he said.
But although these kinds of properties might be seen as bargains by buyers and tenants they end up with a distinctly unfashionable address in a rather run down neighbourhoods and run the risk of breaching government regulations. Long term use, for example, does not necessarily lead to lawful use.
A spokeswoman for the Buildings Department said whether or not such conversions were legal would depend on whether the building was zoned for residential use or whether structural changes had been carried out in which case Buildings Department approval was required.
‘For example, if an owner renovates a bathroom that requires structural change but does so without our approval we will require the owner to restore it because they are illegal structures,’ she explained.
Charles Chan Chiu-kwok, the managing director of Savills Valuation and Professional Services said that the occupation permit issued when a building is completed mentions its usage. If an owner does not follow this designation, the usage will not be lawful.
But the changes to the building only usually come to light if the owner decides to sell. So a converted building could be rented for years for residential use without the authorities knowing about the situation.
But the situation does not seem to bother those seeking to rent larger properties at a time when rents are rising. According to Simon Lo Wing-fai, director of Colliers International Hong Kong research and advisory department, rents have continued to rise in the last two months and he predicts a double digit rise in residential rental this year.
By comparison rentals for commercial or industrial properties turned apartments were much lower, he added.
The Consumer Council said there has been a proliferation of promotional materials for apartments situated in former factory buildings and warned that converting industrial or commercial buildings for residential use requires the approval of the Town Planning Board and buyers could not live in converted units if a developer had not been granted a change of use.
But others point out that from the outside it is difficult to prove that units in these industrial or commercial buildings are used for residential use.
Source:
Propertywire
UK property lending hits ten year low, latest figures show
19.02.2010
Property lending in the UK was more than fifth lower in January than a year ago, with loans plunging to a ten year low, the latest figures show. Gross lending fell to £9.1 billion in January, a 32% fall from December levels and 21% lower than in January 2009, according to the Council of Mortgage Lenders. While the council said it is normal for lending levels to fall between December and ...
South Africa not doing enough to help the country’s real estate market, industry claims
19.02.2010
The South African government should make large tracts of state owned land available to developers free of charge to speed up the recovery of the country’s real estate market, it is claimed. The real estate industry says it is disappointed at a lack of enthusiasm in government circles to help the property market which has been hit by the global economic downturn. Although Finance Minister ...
Chinese rush to pawn properties to buy more to beat end of year tax deadline
18.12.2009
Property owners in Beijing are pawning their apartments as they attempt to secure quick cash to buy new properties to take advantage of a tax exemption policy due to end on December 31. Pawnbrokers are reporting a huge increase in the number of property hunters offering apartments as collateral on short term loans at pawnshops because they can get their money faster than through the banks even ...
Abu Dhabi bailout does little to dampen concerns about Dubai real estate market
18.12.2009
Abu Dhabi's $10 billion bailout of troubled Dubai will do little to rescues its beleaguered property market or to tempt overseas buyers back to the emirate until late 2011 and beyond, it is claimed. Dubai's ailing property market had shown tentative signs of recovery in recent weeks after prices fell by up to 50% in the last year but when state backed Dubai World sought a standstill on debts of ...
19.02.2010
Trendy spacious lofts in Hong Kong creating an underground market
19.02.2010
UK property lending hits ten year low, latest figures show
19.02.2010
South Africa not doing enough to help the country’s real estate market, industry claims
18.12.2009
Chinese rush to pawn properties to buy more to beat end of year tax deadline
18.12.2009
Abu Dhabi bailout does little to dampen concerns about Dubai real estate market
18.12.2009
Dubai debt problems put downward pressure on property prices and rentals, report claims
18.12.2009
Prime country properties in UK seen incredible price rises and now just 2.6% below a year ago
11.11.2009
Foreign property investment probe in China amid concerns it is fuelling real estate bubble
11.11.2009
Residential and commercial property markets in Bahrain facing tough times, report shows
11.11.2009
UK property prices keep rising even as more stock comes onto the market
29.09.2009
Property market surges in Canada as commitment to low interest rates boost real estate sector
21.09.2009
Property market in australia is unstable and dangerous, according to controversial report
21.09.2009
Analysts tip new property in big german cities as a good investment
12.09.2009
Residential property prices in South Africa show year on year rise
12.09.2009
Property investment features prominently in chinese fair
12.09.2009
Property sales dip in jordan but more foreign real estate investors are buying, figures show
12.09.2009
Latest residential property price index shows another upward trend in uk real estate
03.08.2009
Extent of Middle East property slump revealed by real estate company results
03.08.2009
UK property lending and prices up but finance still lacks
27.07.2009
Beachfront property boom in Vietnam as officials call it the 'new' Bali
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