Returning expats fuel Hong Kong’s luxury rental rebound, Savills says
High-end residential rents set to climb 3 to 5 per cent next year amid strengthened appeal of business and education sectors: consultancy
Hong Kong’s luxury residential rents are likely to climb another 3 to 5 per cent next year as growing numbers of returning Western expatriates and home-grown professionals drive demand for high-end accommodation, according to Savills.
Deals were expected to exceed the 660 last year, said Jack Tong, the property consultancy’s director of research. “The outlook remains cautiously positive,” he added.
For next year, Savills expected “stable to gently rising luxury rents as the supply of prime units tightens due to ongoing renovations at top projects”, Tong said. “It is expected that leasing transactions will continue to thrill over the last two months of the year.”