Finding somewhere to live in Hong Kong

Saleable versus gross area

Every listing quotes a size and many quote two. Gross area apportions common parts of the building to your flat; saleable area is the floor you can stand on. The gap is routinely twenty-five to thirty-five per cent, and it is not consistent between buildings, so two flats advertised at the same gross size can differ by a hundred square feet of usable space.

• Ask for the saleable area in writing before viewing, and calculate the price per saleable square foot yourself.
• Older buildings often quote gross only; newer ones and reputable agents will give both.
• A “clubhouse” or “efficiency ratio” mentioned in a listing is a signal that the headline figure is gross.

How the market moves

Hong Kong rents in weeks, not months. Good units are listed, viewed and let within days, and agents expect a decision the same day or the next. That speed cuts both ways: you will not find the perfect flat by waiting, but you also will not be stuck on a six-month search. Agents are licensed by the Estate Agents Authority and the licence register is public.

• Agency commission is customarily half a month's rent from each side.
• Centaline, Midland and Ricacorp dominate; smaller shopfront agencies cover single estates well.
• Line up the deposit before you view — an offer without funds behind it is not an offer here.

Deposit, term and stamping

The standard package is two months' deposit plus one month in advance, paid at signing. Leases usually run two years with a break clause after the first twelve months, written as a “one-year fixed, one-year flexible” arrangement. The tenancy should be stamped with the Inland Revenue Department within thirty days of signing; stamping is what makes the agreement admissible in a dispute, and the cost is normally split.

• Two months' deposit plus one month in advance is the norm, not an opening position.
• Confirm who pays government rates and the building management fee — these are separate from rent and not trivial.
• Stamp duty on the tenancy is shared by convention; get the stamped copy for your file.

What the flat is actually like

Space is the scarce commodity, so read the floor plan rather than the photographs. Wide-angle lenses do a great deal of work in Hong Kong listings. Check whether the building has a lift, what floor you are on, whether windows face a lightwell or open air, and whether the air conditioning units are split or window-mounted, because the difference shows up in both comfort and the electricity bill.

• Walk-ups are common in Sheung Wan, Sai Ying Pun and Kowloon, and are cheaper for an obvious reason.
• Ask about the management fee, the clubhouse charge and whether the estate has a shuttle bus.
• Damp and mould are seasonal facts in spring; check the ceiling corners and the bathroom vent.

In order

1. 1Set your budget on saleable area and price per saleable square foot.
2. 2Check the agent's licence on the Estate Agents Authority register.
3. 3Have three months' rent liquid in an account you can move from quickly.
4. 4View in person; decide the same day if you want it.
5. 5Confirm who pays rates and management fee before signing.
6. 6Sign the tenancy agreement, then have it stamped with the Inland Revenue Department within thirty days.
7. 7Take dated photographs of the flat's condition on the day you get the keys.