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RESIDENTIAL
Housing Rents in Hong Kong Hit 18-Month High in July 2023
by: The Beat Asia
August 12, 2023
Hong Kong’s average home rents last July were the highest in 18 months, with the return of students and professionals driving the city’s peak season.
The Centa-City Rental Index rose 1.15% to 114.02 last month, according to a monthly monitor by Centaline Property. The index, released last Aug. 11, tracked 138 estates in Hong Kong. The property agency expects the index to climb further in the third quarter to reflect increased demand from renters.
Last month, leasing transactions in several popular districts in Hong Kong reached record highs. In the Mid-Levels West area, for example, transactions hit the highest level on record with 501 total agreements.
July’s numbers come amidst the inflow of professionals from mainland China, as well as graduate students. High interest rates are also shunning potential home-buyers in favour of leasing, helping buoy demand for house rentals, according to analysts.
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