Coronavirus boosts demand for homes on Hong Kong’s outlying Lantau, Lamma islands
- Lifestyle and cheaper rents are drawing people away from Hong Kong Island
- Property on Lantau Island will maintain its value because of environmental protection and construction laws, broker says
The coronavirus pandemic has made homes on Hong Kong’s outlying islands more attractive to buyers, according to property agents.
“Lifestyles and preferences for accommodation are changing due to the pandemic. Although, there is no direct evidence that the outbreak has prompted people to move to the suburbs, but recent consulting about low-density property in the New Territories and outlying islands has increased significantly,” said Owen Yau, associate director at Savills.
Lantau Island, for instance, is double the size of Hong Kong Island, has an abundance of green areas and is often referred to as “the lungs” of the city. Yau said it will continue to maintain its low population density because the government has imposed environmental protection laws and banned the construction of additional buildings.
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And that is why a 4,250 sq ft home called Haven that Savills put up for sale last week in San Shek Wan in South Lantau Island will keep its value. Haven is located by the sea and has a lawn in front. It is suitable for holidays, as well as spiritual and yoga retreats. At an estimated HK$20,000 (US$2,580) per square foot, the property could cost HK$85 million.
The home is not completely isolated – it is about a 35 to 45-minute drive from Central. Hong Kong Island is also a 30-minute high speed ferry away from Mui Wo Pier. Haven is also about a 15-minute drive from Hong Kong International Airport via Tung Chung Town Centre. It is also not far from Macau and mainland China thanks to the Hong Kong-Zhuhai-Macau Bridge.
Yau said he had received at least five inquiries about buying or leasing the house over the past week.
