Rental prices in Hong Kong have reached pre-pandemic levels.

Rental prices in Hong Kong have finally recovered to pre-pandemic levels as mainland Chinese students and professionals flock to the city - Photo: APP

Data from Midland Realty (one of Hong Kong's largest real estate brokerage firms) shows that residential rental prices in Hong Kong have risen for three consecutive months up to May and reached their highest level since 2019, according to Singapore's Strait Times newspaper.

Rental properties are emerging as a bright spot as much of Hong Kong's real estate market, including office and residential sales, remains in recession.

The areas experiencing the highest growth are those traditionally favored by mainland Chinese tenants, according to data from online rental platform Wide.hk.

West Kowloon, an upscale area with high-speed rail connections to the mainland, saw rents rise 12% year-over-year in May, nearly three times the city average of 4.2%.

Following the wave of migration of residents and foreign workers during the COVID-19 pandemic, the Hong Kong government introduced visa programs to help attract mainland Chinese professionals to the city.

According to Hong Kong authorities, approximately 110,000 people arrived in the city through these programs in late March.

The average income for those participating in one of the programs is HK$50,000, approximately S$8,700, significantly higher than the city-wide average of HK$20,000.

James Fisher, CEO of Wide.hk, said the recovering economy has boosted the rental market, with "many jobs" in the airline, hospitality, food, beverage, and retail sectors "returning".

However, city home sales remain weak, with high interest rates discouraging many buyers. The number of transactions fell 28% in May compared to the previous month, according to Midland data.

Source: https://tuoitre.vn/gia-thue-nha-o-hong-kong-dat-muc-truoc-dai-dich-20240624190717733.htm