Not all Hong Kong flat seekers are speculative. This is evident in their prominent position in the Phuket property market, where buyers are seeking villas rather than investments.
Instead of capital appreciation, they are eyeing the sea - and the sand and palm trees that go with it.
While villa prices have already gone up 20 per cent this year, it is not easy to book the profits as the island's secondary market is still at an infant stage.
But Hong Kong buyers, mainly expats, make up more than half of the market, while others buyers are from Singapore and Europe.
'The percentage of Hong Kong buyers has been very stable in the past couple of years despite the economic downturn and the outbreak of Sars,' said Stephen O'Brien, managing director of Knight Frank Chartered (Thailand), who has been based in Phuket for two years.
Most Hong Kong buyers just want a resort-style second home in Phuket, and pay little attention to rental returns.
'We sometimes suggest buyers rent out their homes while they are away for most of the time so they can cover the cost of owning a flat, but few of them are interested,' Mr O'Brien said, adding that a villa with a decent sea view could reap a rental yield of up to 8 per cent.