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Which country to buy a property right now?

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  1. #31

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    Quote Originally Posted by bdw:
    Katherine, can you actually back this up with some real evidence? I think the joke is on you if you think properties targeted at overseas buyers are 2 or 3 times the price what locals are paying. I call bullshit on this. If you say there is some kind of premium attached when targeting overseas investors then you might have some credibility, but not 2-3 times. But still even for this can you back this up at all??

    Attached are two developments in Melbourne Australia that have been targeted at Hong Kong residents earlier this year. One in CBD and one in Doncaster. The prices appear to be reasonable to me. Are you telling me that Australian's in Australia can get the SAME properties at cheaper prices?

    My opinion is that buying locally from a real estate agent will give you more variety, options and choices, maybe something cheaper nearby and from the secondary market rather than a new development. Also I think most Australians don't want to live in apartments like this anyway, they like their big open spaces. They also like to build their own houses and not buy off the plan from some developer. So that's why they laugh at people buying these kinds of apartments. But I do not believe you can get the same property any cheaper just by being in Australia. The developers have a price list and they generally stick to it.

    But if you have any evidence to support your statement then lets hear it, otherwise I think you don't really know what you are talking about.
    Yes. I researched this a couple of years back when a friend of mine (japanese) was buying property in Queensland. The price differentials were stunning. I've seen the same effect (unclear on exact differentials) in the London market.

    Your description in the other post about going to Causeway Bay and signing up on the spot with a credit card, and HSBC Malaysia flying people in to do it, raises alarm bells. I would NEVER buy property without seeing it. I would want to walk around the area, look in the real estate agents in that local area and check how the prices compared to what else was available - you can't do that if you only go to Causeway Bay. It's simple due diligence! What evidence do YOU have that you are NOT being ripped off?

  2. #32

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    People buy investment property all the time without physically seeing it. I would prefer to see it, because I personally don't have tons of cash to throw around. Just because you wouldn't do it, doesn't mean its not general practice for a fair amount of investors.


  3. #33

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    Quote Originally Posted by Dankleness:
    People buy investment property all the time without physically seeing it. I would prefer to see it, because I personally don't have tons of cash to throw around. Just because you wouldn't do it, doesn't mean its not general practice for a fair amount of investors.
    You may be right. I'd call that gambling not investing though.

  4. #34

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    So just because you see it and chat with some local agents, you remove all the risk and its all of a sudden investing and no longer gambling? You can look at comps on line, call local agents in the area, you don't just walk into CWB and buy it there on the spot. Of course you can and should do other due diligence on the side, but you don't have to visit the place in my opinion.


  5. #35

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    Quote Originally Posted by HK_Katherine:
    .... I've seen the same effect (unclear on exact differentials) in the London market.

    Your description in the other post about going to Causeway Bay and signing up on the spot with a credit card, and HSBC Malaysia flying people in to do it, raises alarm bells.
    Have to agree with this for London. Properties targeted at primarily at overseas investors set off alarm bells for me too. I find some of the ads quite entertaining actually. There's some serious bullsh*t being spouted especially when it comes to location and nearby transport (along the lines of some HK developers now referring to Kennedy Town as West Soho). Some of the properties are priced far too high for the location and overseas investors aren't usually aware of the local nuances (e.g. it might be a decent area but NOT street etc)...which is why overseas buyers are so popular with developers....there are fewer questions asked! At the end of the day, as long as the overseas buyer is happy with what they buy - and makes an acceptable (to them) return - I suppose it doesn't matter but people shouldn't fool themselves that they're getting a good deal. You're usually paying a premium as an overseas buyer.
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  6. #36

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    bibbju is spot on about huge amounts of bs regarding location in these ads.

    I was sent another great investment" opportunity" in Covent Garden, London the other day.

    I know that area pretty well and did not recognise the street.A quick google later and find this flat is nowhere near Covent Garden, more like Holborn/Chancery Lane area.

    HK_Katherine, shri and bibbju like this.

  7. #37

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    Well sure there is a lot of bullshit in these ads, that's why the link I posted above was straight to the construction site progress rather than the marketing crap. Also I know you got to do a bit of research on your own etc. But this was not really my point. Katherine made the statement that all these overseas investor gigs in HK hotels here are ripping people off and charging 2 or 3 times what you can get locally. I challenged this by posting ads for the "The Pearl" in Doncaster Melbourne starting at AU$308,000 and "The Carlson" in the CBD Melbourne starting from $312,000 and I am genuinely asking if these deals are reasonable. To me they are reasonable and no Australian can walk into a local real estate agent and get the same property any cheaper.

    These investor gigs every weekend in Hong Kong are an incredibly convenient way of investing in overseas property. Of course do your research and know what you are doing, but once you've made the decision to buy it is quite literally walk into the hotel, they have everyone you need to meet from the developer to the solicitor to the bank all lined up to talk to you one after the other, swipe your credit card, and you walk out an hour later with a new flat and enough credit card points for a free flight somewhere. Of course over the next months you have to sign DMC agreements etc but overall the experience and process is very convenient. As long as Katherine's argument of overcharging is refuted then I don't see anything wrong with investing this way.

    I used to think the same way as Katherine. I used to think these glossy newspaper adverts were there for suckers. But I looked into a few of them. They seem OK to me, I bought in a country I otherwise would never have been able to (Malaysia) and I think I'm doing alright with it.

    shri, Dankleness and Max1478 like this.

  8. #38

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    Curious, how does the mortgage with HSBC (or any other bank for that matter) work, if for whatever reason the developer is unable to give you a finished product?


  9. #39

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    Quote Originally Posted by bdw:
    Well sure there is a lot of bullshit in these ads, that's why the link I posted above was straight to the construction site progress rather than the marketing crap. Also I know you got to do a bit of research on your own etc. But this was not really my point. Katherine made the statement that all these overseas investor gigs in HK hotels here are ripping people off and charging 2 or 3 times what you can get locally. I challenged this by posting ads for the "The Pearl" in Doncaster Melbourne starting at AU$308,000 and "The Carlson" in the CBD Melbourne starting from $312,000 and I am genuinely asking if these deals are reasonable. To me they are reasonable and no Australian can walk into a local real estate agent and get the same property any cheaper.

    These investor gigs every weekend in Hong Kong are an incredibly convenient way of investing in overseas property. Of course do your research and know what you are doing, but once you've made the decision to buy it is quite literally walk into the hotel, they have everyone you need to meet from the developer to the solicitor to the bank all lined up to talk to you one after the other, swipe your credit card, and you walk out an hour later with a new flat and enough credit card points for a free flight somewhere. Of course over the next months you have to sign DMC agreements etc but overall the experience and process is very convenient. As long as Katherine's argument of overcharging is refuted then I don't see anything wrong with investing this way.

    I used to think the same way as Katherine. I used to think these glossy newspaper adverts were there for suckers. But I looked into a few of them. They seem OK to me, I bought in a country I otherwise would never have been able to (Malaysia) and I think I'm doing alright with it.
    As I recall you also bought in HK and must be doing pretty fine with it - despite all those people on here telling you it was madness and the market would crash etc etc.....bottom line is always the same...research, understanding, structure ur investment and hop.....(and for research indeed u don't have to be there physically...in these days and age)


    Sent from my iPad using GeoClicks
    Dankleness and bdw like this.

  10. #40

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    I am looking at a property in KL, thanks to bdw

    I am curious, what is the centre of KL? Is it the Petronas Towers? I know there isn't much going on around the Petronas Towers, but KL seems to be very spread out, and it seems there is little going on anywhere in KL (very boring city), so what would you say is the centre?


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