Ricacorp Properties has announced that the average rent at 50 monitored estates in Hong Kong has reached a record high of HKD26.99 per square foot of gross floor area in August. That’s 2.1 percent higher than July, while the number of flats rented out decreased by 12 percent. Shocker.
In areas like Taikoo Shing, Quarry Bay and, in particular, Luk Yeung Sun Chuen in Tsuen Wan, leasing prices have jumped up by 10.4%, the largest increase in all 50 housing estates that were evaluated.
In an interview with the SCMP, sales manager, Clarence Fok, at Midland Realty in Tsuen Wan said, “many flat owners found it difficult to buy a bigger flat under the government’s cooling measures. They have to stay in their existing flats. It led to a significant decline in flats released for leasing.” This is the core reason for sky-high rental prices, and we’re not even sure we’re surprised anymore. Fok expects rents to further increase with time.
Anyone else feels like this Hong Kong rental crisis is getting increasingly mind numbing?
Photo: David Mark via Pixabay.
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