Victoria Allan

Concrete Analysis | Now is the time for Hongkongers to upgrade to a bigger, better flat as coronavirus makes work-from-home the new norm

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Many local Hongkongers and expatriate permanent residents are looking at moving to more spacious homes in better locations

Now is a good time to do it, with banks still happy to lend and interest rates remaining at historic lows even as a new low-rate cycle begins, writes Victoria Allan of Habitat Property

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Tram passengers in protective face masks. Hong Kong is battling a third wave of Covid-19 infections. Photo: EPA-EFE

Victoria Allan

Published: 12:00pm, 18 Aug 2020Updated: 6:45pm, 18 Aug 2020

Many of us are currently re-evaluating the way we live and work. As Hong Kong, like much of the world, wrestles with a third wave of coronavirus, the city has again gone into a partial lockdown, with civil servants working from home, restaurants offering takeaway only and regular office staff working distanced, flexible hours.

It’s not necessary to remind anyone of why, but it is interesting to note that despite work being remote or semi-remote, it hasn’t stopped.

Armed with proof their employees will do their jobs without anyone leaning over their shoulders, it’s possible employers will take advantage of that entirely feasible honour system and start examining the benefits of downsizing expensive office space while increasing housing allowances to ensure key staff can work from home. An entirely new residential landscape could be on the horizon as a result.

Local Hongkongers and expatriate permanent residents are looking at upgrading their homes in massive numbers. The residential property sector is currently dominated by end users; the 30 per cent stamp duty on non-resident purchases has, rightfully, driven speculators away.

But local demand is as ripe as ever and, for many, now is the time to find a bigger space, a greener neighbourhood, or both.

People are slowly coming to realise the impact of Covid-19 is going to be broader and lengthier than initially hoped, and will extend for years – not months. Like employers waking up to the potential of more work-at-home staff, singles, couples and families are starting to see the importance of rooftops and terraces as they spend more time at home.

As travel becomes infrequent they’re re-evaluating where they use their money, and increasingly that’s on a bigger flat near a country park where one can “get away” for a few hours. Our collective tolerance for commuting has opened the city up, and we are willing to make the move from urban Mid-Levels or Kennedy Town to the South Side, Sai Kung or Clear Water Bay.