Leasing Demand Fuels Rental Properties in Hong Kong's New Territories
Leasing Demand Fuels Hong Kong Rental Properties
An influx of students and working professionals is significantly driving leasing demand for rental properties in Hong Kong’s New Territories. Recently, a 235 sq ft studio flat at Novo Land in Tuen Mun was leased at HK$12,200 (US$1,565), translating to HK$51.9 per square foot, which sets a new rent high for the estate.
Record Highs Amid Market Challenges
- Rents in New Territories are climbing, influenced by demand from newcomers and local students.
- Overall rents are on the rise despite a wider property market facing challenges.
- As of July, rents in New Territories saw a 6.7% increase, outpacing other regions.
According to property analysts, new listings are quickly absorbed due to limited supply, particularly near popular locations such as East Railway MTR line. The wait-and-see atmosphere is prompting potential buyers to consider rentals as an attractive alternative in light of rising interest rates and housing affordability concerns.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.