Rents for Apartments in Hong Kong Drop to an Unforeseen Limit


When it comes to Hong Kong, everybody knows that rent there was never in the affordable range. And, even so, it was very hard to find available flats in desired areas, due to high demand. However, the current background generated by the pandemic changed things in ways no one expected, turning Hong Kong into a favorable market for renters. Thus, anyone interested in getting rent in this city should know that now is probably the best time to start looking for a flat.


How much did rents drop in Hong Kong? The last significant drop happened in the last part of the year 2016, when the lower value of rents was recorded. The first quarter of this year brought decreases of US$5.77 per square foot, which is quite significant. Thus, a 2-bedroom apartment can now be rented for approximately US$3,500 per month, compared to US$4,200, which was the value of the rent of the same kind of flat about two years ago.


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New Private Home Prices Experience Sharper Jump of 3.3%, Fuelling Expectations for Cooling Measures

As per the recent reports, the new private home prices jumped by 3.3% during the first quarter, which is much above the early estimate of 2.9%. The main reasons behind this steep rise are observed to be the new launches during this economic recovery mode, vaccine optimism, and the low-interest rate opportunities.
It is believed to be the fourth consecutive rise in price with a steep quarterly hike right from the second quarter of the year 2018. At that time, the pricing of private residential homes was increased to 3.4% before the property curb issues were reported in the July month of that year.

The information presented by the Urban Redevelopment Authority on 23rd April shows that there was a 3.3% price rise during the first quarter this year and it is higher than the reported 2.1% growth during the fourth quarter of the previous year.

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For the 4th year consecutively March strikes a record in the sales of private homes

The period near the Chinese New Year is known to be slower when it comes to investments in the real estate market. However, after this celebration is over, homebuyers start hovering around properties and making purchases, in many instances exceeding the expectations of both developers and real estate specialists. Thus, the month of March appears to be the most fruitful month in terms of property transactions, for the fourth year. More than this, this year’s March exceeded all expectations, recording the highest number of properties sold since 2017.


More precisely, March enjoyed double the number of units sold during the month of February, which means a total of 1.296 units. The last significant take-up during March happened back in 2017, so this year something happened that made homebuyers be more active than in any month of March in the past 4 years. However, the most amazing aspect is that high-end units were highly appreciated this year. Maybe what happened during the pandemic, with the lockdown and people needing to spend more time at home, made comfort and quality priorities when looking for a new home. Thus, in March of 2021, almost half of the units sold represented high-end units, located in the top districts of Singapore.

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