Comment by ardy42 | Hacker News Reader

Comment by ardy42 | Hacker News Reader

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> For those not familiar with how flat purchases work in the U.K. We have a crazy system where people purchase “long-leases” for their flats, you don’t own the flat, your just renting it for a long period of time (normally 99 or 999 years depending on your landlord). When you sell your flat, you’re just selling the remaining period on your lease (the 99 years doesn’t reset). And yes this does mean that once the lease expires you no longer own your flat anymore, there are ways of purchasing extensions etc but it’s a bit much to put into a HN comment.

That sounds like real estate in China: the government owns all the land, but sells "land use rights" that last for a maximum of 70 years.

https://en.wikipedia.org/wiki/Chinese_property_law#Procedure...

In Australia, the entire city of Canberra is leased from the federal government, with most blocks being on 99 year leases.

The original idea was a Georgism-inspired approach to capturing land value increases through rent to help fund the city's development, but nowadays it functions effectively like freehold, as most lessees do not have to pay anything other than nominal rent, and you can renew your lease effectively automatically every 99 years, with the added interesting complexity that the government uses additional lease clauses as a form of planning controls.

Singapore and the Middle East come to mind.

Imo, it's a good thing, since that mandates that the local municipalities have to keep maintaining the standards for the provision of services in areas with limited leases. On the other hand, areas with hands-off sales usually have very shoddy local services and shit maintenance.

My parents live in a relatively cheap area in a Middle Eastern city, where you can't buy the property, but only lease it for 99 years, yet the services there are far better than those in the more "glitzy" uptown areas with more expensive flats. It was the same story when I was flat-hunting in Singapore - locals prefer living in the HDBs while renting out the freeholds.

Singapore is also very similar.

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