Shenzhen Sees an Increase in Hong Kong Home Buyers
Around 3,000 home buyers including Hong Kong residents are rushing to purchases homes in Shenzhen as home prices in Hong Kong keeps going up. Based on a property launch ceremony a first for the real estate development managed by MTR Corp. there are six hundred apartments on sale near the Longhua Metro Line and are prices on an average of 36,000 yuan per square meter.
MTR is known for developing properties in Hong Kong the develop properties are much cheaper than in Hong Kong and near the Shenzhen North Railway Station that operates high speed trains going to Hong Kong in 2017. Hong Kong residents are preferring properties in Shenzhen that are developed by Hong based developers and are found near checkpoints or near the Longhua Metro Line so that they can travel to Hong Kong much quicker, also several Hong Kong residents are showing interest in Qianhai and Shekou areas as well.
Latest statistics from Cetaline Group shows that the cheapest property sold along the MTR line in Hong Kong is in Tin Shui Wai at 42,000 yuan per square meter and the most expensive is near Central Metro Station which costs 275,000 yuan per square meter. Prices for small apartments in Hong Kong has increased by 10 percent last year and experts believes that home prices will keep going up since apartments are in short supply even with the promise of creating 480,000 homes in the next ten years.
Based on the mainland law a family on Hong Kong is only allowed to buy one apartment in Shenzhen.