According to the Wall Street Journal, buyers in Hong Kong have turned back to second hand apartments. Although buyers are often allured by the beauty of new developments and the accompanying view, the high cost and relatively small sizes of these new units have caused them to choose vintage buildings for lower prices and more generous sizes. If you are a prospective buyer looking to buy Hong Kong property, here are several characteristics of vintage and new buildings that will help make your choice an easy and breezy process:
Benefits of new buildings
New development tends to attract a lot of buyers, since the image of the developments is often synonymous with luxury, with names such as La Splendeur, The Wings and High West. Also, since all the apartments are brand new, buyers do not have to worry about renovation or home improvement in the near future. Although new buildings tend to be more expensive than old buildings, they usually come with a breathtaking sea view and access to a private gym or clubhouse. When it comes to new buildings, you are also granted the gift of choice, as the ratio of new apartments with vintage apartments is about 10 to 1. If you value luxury and privacy over space, a new apartment may be your ideal choice.
Benefits of vintage buildings
Despite the fact that vintage buildings were built between 1960 to 1980 and are over 40 or 50 years old, these buildings are still considered in the high-end category, as the prices of these Hong Kong homes have risen in the past years and they have become more precious in the city. Although the exterior of vintage buildings are not as physically appealing with its faded walls, air conditioners and laundry hanging out to dry, these buildings tend to offer lower prices and more generous spaces compared to new buildings.
To use Realty Gardens and the Avenue as an example, Realty Gardens is considered as a vintage building, of which an apartment of 1350 square foot costs $14.6 million. On the other hand, the Avenue is a new development situated on Hong Kong Island as well, but at the moment the asking price of a 585 square foot apartment costs $15.2 million. Although new developments provide brand new living spaces and a range of amenities, buyers end up paying around the same price for half the size of a vintage apartment.
Moreover, vintage buildings tend to be in safe and peaceful neighbourhoods, such as the Mid-Levels. Vintage buildings generally do not provide gym or clubhouse facilities, but buyers can exercise outdoors by taking a walk in nearby parks or trails. If space is a top priority, perhaps a vintage apartment is more ideal for you.