Purchasing properties situated outside Hong Kong, particularly uncompleted ones, is complicated and full of risks
The recent boom in the first-hand residential property market has helped contribute to an increase in the number of transactions in secondary residential properties. Media reports have shown prospective purchasers queuing up to inspect properties
The risk Hongkongers face is high, especially when properties abroad are still under construction, or are yet to be completed
The EAA does not assist consumers with recovery of losses suffered from property transactions
Property transactions in Hong Kong’s primary and secondary markets have been declining due to the coronavirus pandemic, and the prospect of a near-term revival is not promising.
The real estate market thrives on transparency and trust, and agents must not allow any personal interest to conflict with those of their clients.