Hong Kong residential rents near pre-pandemic peak levels
According to real estate agency Midland Realty, Hong Kong residential rents have risen month-on-month for five consecutive months since February this year. In July, the average rent was approximately HK$37.41 per square foot (about $50 per square meter), nearing the peak levels before the pandemic in 2019. This increase is primarily driven by demand for student housing and the influx of mainland talent, with rents in the New Territories rising particularly sharply. Small to medium-sized apartments with monthly rents around HK$20,000 ($2,560) are especially popular. In the housing market, the Hong Kong government’s removal of additional taxes in February attracted many mainland buyers, temporarily boosting property sales.