Hong Kong Real Estate: Hong Kong Housing Rents Rise by Approximately 2.9% so far this year, with some residential estates in Tseung Kwan O outperforming the overall market in terms of rent per square foot.

Director Wang Pin-di of the Hong Kong Property Research Department stated that due to the Hong Kong government actively attracting talent in recent years, the demand for housing in Hong Kong has been on the rise, driving rents to increase for over 2 years starting from 2023. Following an increase of around 6.8% in 2023, and approximately 5.2% in 2024, rents have risen by about 2.9% up to August of this year. Wang Pin-di pointed out that July and August are traditional peak rental seasons, with an increase of about 0.7% in July and another increase of about 0.6% in August, reflecting strong demand for rental properties in Hong Kong during the summer holidays, including in Tseung Kwan O. According to statistics, rents in some residential estates in Tseung Kwan O have outperformed the overall market. For example, the average usable rent per square foot at The Wings II in August was about 40.6 Hong Kong dollars, an increase of about 7.1% compared to around 37.9 Hong Kong dollars in December last year. In one transaction in August, a two-bedroom unit in Block G of Phase 2 with a usable area of 484 square feet was rented out for 20,500 Hong Kong dollars, with an average usable rent of 42.4 Hong Kong dollars per square foot. Another residential estate, Monterey, had an average usable rent of 47.7 Hong Kong dollars per square foot in August, an increase of about 6.7% compared to 44.7 Hong Kong dollars in December last year. In one transaction in August, a three-bedroom unit in Block C of Block 5 with a usable area of 692 square feet was rented out for 32,000 Hong Kong dollars, with an average usable rent of 46.2 Hong Kong dollars per square foot. There are also some residential estates with an average usable rent of less than 30 Hong Kong dollars per square foot, such as The Vatican, which had an average usable rent of about 28.6 Hong Kong dollars per square foot in August, an increase of about 4.4% compared to around 27.4 Hong Kong dollars in December last year. In one transaction in August, a three-bedroom unit in Block RD of Block 10 with a usable area of 730 square feet was rented out for 21,300 Hong Kong dollars, with an average usable rent of approximately 29.2 Hong Kong dollars per square foot. Similarly, at Le Prime in the second phase of LOHAS Park, the average usable rent in August was 28.9 Hong Kong dollars per square foot, an increase of about 1% compared to 28.6 Hong Kong dollars in December last year. In one transaction in August, a three-bedroom unit in Block RB of Block 3 with a usable area of 686 square feet was rented out for 20,000 Hong Kong dollars, with an average usable rent of 29.2 Hong Kong dollars per square foot.