The growing number of Hongkongers moving to Taiwan is likely to boost housing demand in the self-ruled island in the coming years, according to an analyst.
Hong Kong residents accounted for at least a third of homes bought by foreigners in 2019 and 2020, according to the latest available data.
Official data showed that 27,844 Hongkongers were approved by Taipei to gain residency from 2019 to 2021, more than double the 12,220 in the immediately preceding three years from 2016 to 2018. Those who were permitted permanent residency has also risen since 2016.
“Hong Kong residents have always considered Taiwan a popular place to relocate to because of geographical proximity and cultural similarity,” said Sing Tien Foo, professor and director of Institute of Real Estate and Urban Studies at the National University of Singapore. “Hong Kong residents may still find housing prices in Taiwan, especially in second-tier and southern Taiwanese cities, within their affordable range compared to the housing market in Hong Kong.”
Hongkongers have historically been among the largest buyers of offshore property. However, since 2019, when anti-government protests broke out in the city, the number of residents acquiring homes in countries such as Portugal and the United Kingdom has surged. Investment in real estate is one way Hongkongers can gain permanent residency in another country, providing them an option should they decide to relocate.
In the UK, for example, following the fast track residency scheme for those who hold a British National (Overseas) passport, as many as 322,400 Hongkongers were likely to buy homes there until 2025, according to British government estimates.
Just like the UK, Taiwan is perceived to be friendly and sympathetic to Hongkongers who are looking to leave Hong Kong following Beijing’s imposition of a sweeping national security law in 2020.
“[According to] government statistics, we are seeing a significant increase in Hongkongers moving to Taiwan especially in the past three years,” said Andrew Liu, managing director of Colliers Taiwan.
Source: South China Morning Post
