Some Hongkongers are arbitraging between city’s record home prices and cheaper listings overseas as they head for the exit

Some Hong Kong emigrants are taking advantage of the price difference between their homes in the city and cheaper real estate overseas, as they rush for the exit in increasing numbers.

Ireland and Portugal, among the most popular destinations for Hong Kong emigrants looking to qualify for residency in the European Union, offer particularly attractive bargains, according to investment advisers. Ireland is popular among parents, professionals and emigrants seeking to fast track their residency, with its offer of a good living environment and low-risk investments, according to consultancy Bartra Wealth Advisors.

“We see strong demand for emigration and it’s likely to continue,” said Bartra’s regional director Jeffrey Ling in Hong Kong. “People in Hong Kong who [are] eager to move abroad with an immediate need or with less than a year’s time frame have strong buying intention towards overseas residential properties.”

The Irish Immigrant Investment Programme (IIP) offers residency for an investment of €1 million (US$1.18 million) in an Irish enterprise, without requiring the applicant to stay for any minimum period in the country other than a token one-day stay. Approvals can take between four and six months, with better chances of approval if the investment is in a government-preferred industry, such as in social housing and nursing homes, according to Bartra.

Although Australia, Canada and the UK have relaxed rules of immigration for certain Hongkongers, they have longer requirements for the duration of stay. The Australian government last year offered new and extended visa options to students and skilled workers from Hong Kong. This will help Hong Kong passport holders to remain in Australia, with pathways to permanent residency after three to five years.