Hong Kong’s property market has fundamentally changed over the last two years. Landlords are facing increasing uncertainty and costliness managing their property portfolios with people choosing to emigrate from the city and businesses being impacted by COVID-19. The lack of publicly available market data also continues to be a pain point, especially for small-to-medium property owners who make up almost 45% of the market. With challenges mounting, a greater adoption of technology could be what property owners in Hong Kong need to build resilience and secure their investment.
There are multitudes of asset classes to invest in today – stocks, bonds, businesses, bitcoin -that are completely hassle-free. But real estate offers a unique proposition to investors, being a timeless hard asset that provides stability and comfort. With younger generations playing a more active role in managing investments, the call for decisions to be based on data and logic rather than intuition is growing stronger. The current mechanism for property management in Hong Kong continues to be opaque and requires a lot of human intervention, losing valuable data and insights in the process. Fortunately, this presents a great opportunity for property investors, because by untapping new ways to manage properties better, with the use of technology, it would be easier and quicker to see a significant growth in returns on investment.