Le Fang: Hong Kong luxury residential rents increased by 8.6% year-on-year, the largest increase among 16 cities, expected to rise by about 5% for the whole year.

Knight Frank's latest Global Luxury Rental Index report indicates that in the second quarter of this year, global luxury rental prices (representing the top 5% of residential properties in the area) increased by 3.5% year-on-year. Among them, Hong Kong saw the largest increase in luxury rental prices, rising by 8.6% year-on-year, and is expected to record an increase of about 5% for the whole year. The index for the 16 cities tracked by the report showed a year-on-year increase of 3.5%, exceeding the approximately 3% recorded in the first quarter. Among the 16 cities, Hong Kong had the highest year-on-year increase in luxury rental prices at 8.6%, followed by Tokyo at 8.3%, and New York at around 6.9%. The worst-performing city was Toronto, where luxury rental prices fell by about 3.5% year-on-year. Henry Wong, Senior Director and Head of Research and Consulting for Greater China at Knight Frank, pointed out that the growth in luxury rental prices in Hong Kong over the past year has outperformed other regions globally, reflecting strong demand for high-end residential properties from both local and overseas families. With support from the Hong Kong government's "talent acquisition" program, it is expected that luxury rental prices will continue to rise this year, recording an increase of about 5% for the whole year.