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Hong Kong Residential Leasing Briefing

Posted by Teddy Lam on January 6, 2019
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Rental growth ended the year 2018 on a muted note with landlords and tenants often preferring to renew rather than face the cost of relocation.

After two years of broad-based growth luxury rents showed signs of flagging at year-end.

At the beginning of 2018 we forecast a 0% to 5% increase in both luxury apartment and townhouse rents over the year but in reality both outperformed, rising by 8% and 10% respectively.

Luxury residential and townhouse rents were generally stable during the last quarter, with townhouse rents slipping by 0.2%, ending five consecutive quarters of increase.

Happy Valley/Jardine’s Lookout rents underperformed the Hong Kong Island market as a whole, due to a lack of new development and poor connectivity

Shatin/Tai Po rents increased by 3.3% during Q4, remaining a popular location thanks to the Science Park combined with strong transport links with both Southern China and Hong Kong Island.

In the townhouse sector on Hong Kong Island, vacancy is low with only a handful of units on the market.

Serviced apartments remain a go-to option for many arrivals faced with the uncertainties of a new posting and the need for flexibility and rents in this segment rose by 1.3% over Q4.

Tung Chung is expected to emerge as a significant new population centre over the next decade with 300,000 people in the new town by the early 2030s and plenty of new transport infrastructure to aid Greater Bay Area connectivity.

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