Home upkeep cheaper in Hong Kong

This despite HK having world’s most expensive property prices.

Singapore-based property firm PropertyGuru revealed that in spite of high purchase costs, the annual cost of running a home in Hong Kong is cheaper than in other major property hotspot cities. It placed Hong Kong at number 14 in its global list of property hotspots.

The top five most expensive cities to run a home are New York, the Bahamas, Miami, Barbados and Moscow.

PropertyGuru said the buying price is not the only cost associated with property investment. Purchasers also need to think about taxes and stamp duty when buying, and then the ongoing running costs, which may include more taxes, once they have completed the purchase.

Hong Kong remains a favorite among property investors within the Asia Pacific region, especially with newly wealthy Chinese businessmen.