Hong Kong’s housing market is showing some resilience in the face of rising Covid-19 infections, with prices and buying sentiment on the mend. For first-time buyers, consider some tips from the pros on mortgage applications.

The Hong Kong Mortgage Corporation (HKMC) has recently introduced a pilot scheme for fixed-rate mortgages for 10, 15 and 20 years, with rates fixed at 2.55 per cent, 2.65 per cent and 2.75 per cent, respectively.

Hongkongers can get Turkish citizenship by buying property worth US$250,000, which in turn allows them to set up a business in the UK and apply for permanent residency in five years’ time.

Malaysia has emerged as a popular choice among Hongkongers seeking a safety haven amid long-running political crisis

However, one should not quickly jump on the bandwagon and rush to buy, because the devil is still in the details.

Raising the mortgage cap from 2.375 per cent to 2.625 per cent will result in a HK$520 increase in monthly payments on average, which is unlikely to deter prospective buyers, says Raymond Chong of StarPro Agency

Banks led by HSBC are cutting the money back offers on mortgage refinancing as lenders look to restore their profit margin amid fierce competition.