hong kong rental market
Rental yields declined to their lowest point on record in February, government data showed. One of the downsides of living in the city is that the cost of rent is among the highest in the world. Hong Kong’s extremely low rental yields can be attributed to the surge in property prices in recent years. All sub-markets on Hong Kong Island experienced rental falls over the period, with Pokfulam (-1.8%) recording the greatest rental fall, followed by The Peak ( … You should expect additional costs of 12-15% of your rent in taxes and fees. In 2019, the average monthly rent of a warehouse space in Hong Kong amounted to almost 188.6 Hong Kong dollars per square meter. Rentals fell by 1.9 per cent on average to HK$35.38 per square foot in December from a month earlier, according to Ricacorp. Hong Kong is not a ‘typical’ market. While the “bull market” in Hong Kong’s office sector may have run its course, rents in Central are declining from staggeringly high levels, ensuring that affordability and … Rental costs in Hong Kong, home to some of the most expensive real estate in the world, dropped to their lowest level in five years over the first quarter of 2021, research from Centaline Property Agency showed. Make sure to ask about air conditioning when looking at an apartment and before signing the tenancy agreement. Office Rental in Hong Kong? Hong Kong Office Rental Index? Rent fell around 25% on average last year in the Mid-Levels and Deep Water Bay neighborhoods populated in the past by expatriate families and rich mainlanders. Hong Kong is not the only once-expensive housing market feeling the strain from more than a year of pandemic lockdowns. Housing prices drop significantly outside of the city center, and as public transportation is good, this may be a good option for some expats. Economy: Hong Kong’s economy will gradually recover from a low base in 2021, supported by a solid rebound in China.While the prolonged pandemic, absence of cross-border visitors and geopolitical risks will all continue to create strong headwinds, the expected launch of a local vaccination programme in February should instill greater confidence in the outlook. Quality Residential Listings by Hong Kong Landlord and Real Estate Agency. MARKET COMMENTARY Luxury apartment rents on Hong Kong Island and the New Territories fell by 0.4% and 1.7% respectively in the third quarter while Kowloon rents rebounded by 1.2%. Essential ServicesMake Relocating Easy for You. But it could be years before the city's once-lucrative office-rental market is back to full health. Latest Hong Kong property market news, including property outlook and Hong Kong real estate news. → #1 Data & AI Driven Office Rental Platform. Our team of experts is ready to help you find a home abroad, move your household goods, and settle into your new country. Property Market Statistics Hong Kong Property Review Monthly Supplement (May 2021) (pdf) Entire Data Series. Discover the latest and popular real estate listings such as Apartment, Estate, Village House, Serviced Apartments, Villa and more on squarefoot.com.hk. The momentum in new lettings picked up and net uptake improved as the third wave of COVID-19 cases began to recede. You may be in luck – owners of premium property at prestigious addresses are looking to lease rather than sell Central’s Grade A office rents dropped 17.6% in the first half of 2020 to HKD 100 per sq ft, the sharpest rental fall among the office submarkets. As a promise to our real-estate agent community, all our listings are completely free & always will be. Existing retailers will have to innovate with both their offl ine and online strategies to stay relevant. We expect ‘social’ sectors most aff ected by You have to decide for yourself which you would prefer (or can afford). Popular Districts – Apartments for Rent Trusted by 10,000+ SMEs and MNCs. On a more positive note, the lower rental costs will attract newcomers to the Hong Kong market, which for too long has charged the world’s highest occupational costs. Due to the high demand for high-class developments and lack of space, rent in Hong Kong is constantly going up. the essential services to help you move and live abroad easily. Read our latest snapshot of the Hong Kong office, residential, retail and industrial property markets. Average price per square foot hit HK$33.60 ($4.33) in Q1, down from a peak of HK$40.32 two years ago, as many expatriates and local residents look abroad following years of protests and the ongoing pandemic. Ho Man Tin/Kowloon Tong (+5.2%) recorded the largest rental decrease in Kowloon and Hong Kong’s residential property prices fell by 2.64% during the year to Q2 2020, at par with the previous year’s 2.44% fall. Rental values in New York fell 14% over the past year and in London, rent prices dropped 8.1%, according to Bloomberg data. Contact us Property Market Statistics Hong Kong Property Review Monthly Supplement (April 2021) (pdf) Entire Data Series. Hong Kong Rental Market: An Overview When you first start looking for a place to rent in Hong Kong, you might get sweaty palms when seeing the monthly rents for high-end apartments – the Hong Kong rental market is one of the reasons the cost of living here is so high. Hong Kong is notorious for its housing prices. HONG KONG: There’s rarely been a better time to be apartment hunting in Hong Kong than right now. Do not reproduce without permission. They have declined 5.1 per cent since the market peaked in … → Lowest Market Rentals Guaranteed. At least 100 “ageing” office buildings in Hong Kong need to be refurbished to unlock their rental potential, as the Covid-19 pandemic changes market dynamics and tenant expectations, according to JLL. There are different kinds of property available on the Hong Kong rental market, which offer a range of luxuries and services. According to the most rent report from Hong Kong Government (CSD, 2016a), the median monthly rental payment of SDUs increased by 10.5%, from $3800 in 2014 to $4200 in 2015, while the median household income increased by 6.1% from $11,800 in 2014 to $12,500 in 2015. To be sure, there are outliers. With Information about Latest Local Real Estate News, Market Transaction Data and much more. Need to move abroad? The city’s population shrank 0.6% and a further contraction is likely after more than 27,000 Hong Kongers lodged applications this year to relocate to Britain. HONG KONG OFFICE RENTAL. Most places you will find when searching for a place to rent will have air conditioning, but in some cases your landlord will expect you to take care of the installation. Hong Kong is not the only once-expensive housing market feeling the strain from more than a year of pandemic lockdowns. Central →. Ho Man Tin/ Kowloon Tong (+5.2%) recorded the largest rental increase in Kowloon and the New Demand from foreign students and young professionals, who favor Sheung Wan’s SoHo district, has also dwindled with prices falling 20% on average in the last year. There’s rarely been a better time to be apartment hunting in Hong Kong than right now. Search properties for rent in Hong Kong. HONG KONG, 12 December 2019 – The longest bull market in Hong Kong’s property market history has come to an end in the second half of this year due to the local social movement and economic uncertainties. for free on Hong Kong Housing Market! → 100% Office Rental Market Coverage. Hong Kong Office Vacancy Rises for 13th Straight Month, Central Now 6% Empty; Hong Kong Rents Could Fall 21% By Year-End as Tenants Surrender Offices; Hong Kong Tenants Hand Back Offices for 12th Straight Month; Hong Kong Office Market Shrank by 900,000 Square Feet in Q1 malls. Unemployment and a declining population have not helped matters. © 2020 Business Times All rights reserved. Hong Kong’s rental yields remain low; rents falling. The lack of available space and the high number of inhabitants make the Hong Kong housing market very competitive and average rent prices very high. the largest rental decline on Hong Kong Island, with rents dropping by 4.2% over the quarter, followed by The Peak (-3.8%) and Happy Valley / Jardine’s Lookout (-3.5%). Hong Kong property | South China Morning Post. Hong Kong's economy is finally turning the corner. Organizing an international relocation is not something you should do on your own. In March, someone signed a lease agreement for HK$1.35 million per month for a mansion at the city’s luxurious Peak district, home to celebrities and billionaires. Remember that air conditioning is essential in Hong Kong. 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