The report on real estate investor intentions for 2023 showed the Asian financial hub came in at number five after Tokyo, Singapore, Ho Chi Minh City and Sydney among the most preferred cities for cross-border investments.
The consultancy has seen more and more investors coming to Hong Kong, due to expectations that the city will recover from the pandemic and pricing that has declined enough to become attractive, according to Chin. The rise in ranking comes after Hong Kong finally ended its Covid Zero policy along with mainland China, which kept the city isolated from the rest of the world, battering the economy. The city’s economic growth for 2022 was estimated to have contracted by around 3%, according to a Bloomberg survey, and home sales last year slumped to the lowest since 2008.