What Is Your Hong Kong Apartment Really Worth?

Start with evidence—not your purchase price, renovation bill or a neighbour’s asking price.

Before selling, ask three separate questions: what is the apartment’s assessed market value, what asking price supports your strategy and what proceeds could remain after completion?

Those numbers serve different purposes. A useful appraisal should explain its evidence, assumptions and limitations so you can make a decision without mistaking an estimate for a guaranteed sale.

1. Begin with relevant transactions

Ask your agent to show recent sales of comparable apartments, preferably within your building or estate. Direct comparison is a widely used valuation method in Hong Kong, using prices paid for similar properties as evidence.

Recommend reviewing several transactions rather than anchoring your expectations to one unusually high or low result. Ask when each deal was agreed, what was included and why the unit is comparable.

Keep advertised prices in a separate category. They show what competing owners seek, not what your apartment will necessarily achieve.

2. Compare floor areas consistently

Do not compare a price calculated using gross floor area with one calculated using saleable area as though they are equivalent.

EAA guidance requires agents to provide saleable-area information for second-hand residential properties and to identify the measurement basis when quoting a price per square foot. Ask your agent to verify your apartment’s area and use a consistent basis throughout the appraisal.

For illustration, a HKD 12 million price for 600 square feet of saleable area gives a saleable-area price of HKD 20,000 per square foot. That calculation is a comparison tool, not a complete valuation.

3. Explain the apartment’s differences

Recommend a written assessment of condition, layout, floor level, outlook, orientation and building characteristics. For a low-rise apartment, investigate any claimed roof, terrace, garden or parking entitlement rather than assuming it belongs to the flat.

Where those areas form part of the transaction, the property description and contractual arrangements need careful attention. The EAA highlights accurate identification of gardens, roofs and parking spaces in provisional agreements.

Ask your agent to explain the reasoning behind adjustments, not merely supply a higher figure because your renovation was expensive.

4. Resolve legal questions before they interrupt the sale

Review title, registered encumbrances, building orders, alterations and known repair requirements with the appropriate professionals.

An “as is” sale is not a blanket answer to unauthorised structures or alterations. EAA guidance warns that these issues can affect title and should be addressed before commitment. Ask your solicitor how disclosure, remediation and responsibility for relevant works should be handled.

Prepare the relevant notices and records early so your agent is not trying to answer important questions from memory.

5. Separate the asking price from your financial outcome

Recommend agreeing an evidence-based asking strategy and calculating your expected net proceeds separately. Include mortgage redemption, commission, legal fees and applicable transaction adjustments.

A bank valuation is also not a promise of buyer financing. EAA guidance warns agents against guaranteeing mortgage amounts or terms; buyers should check directly with their lenders.

Finally, obtain legal advice before signing: a provisional sale agreement can be binding.

Before you list, request an evidence-led appraisal from Aria Property. Provide your building, unit details, condition and preferred sale timetable to begin the assessment.

Simple seller checklist

Review relevant recent transactions.

Verify saleable area and comparison basis.

Explain differences between comparable apartments.

Check title, alterations and building notices.

Calculate expected net sale proceeds.

Consult your solicitor before signing.