Hong Kong rents to rise by most in 11 years as returning students, new professionals battle for housing: Midland Realty
- Average home rents in July reached the highest level since October 2021 and are set to rise 8 to 10 per cent for the full year, Midland says
- Population influx includes 75,000 people approved under government talent-import schemes in the first seven months of the year
Rents in Hong Kong are set to rise by 8 to 10 per cent this year – the biggest jump in 11 years – as students from mainland China and professionals entering the city thanks to the government’s talent-import schemes combine to create a landlord’s market, according to Midland Realty.
The average rent for private residential properties in Hong Kong in July reached HK$35.26 (US$4.50) per square foot, the highest level since October 2021, according to Midland’s report, released on Tuesday. The company predicts the average rental price for the full year will be between HK$36.22 and HK$36.89 per square foot.
Hong Kong approved about 75,000 people under its talent-import schemes during the first seven months of this year, the report said. That is nearly double last year’s total of 38,000 and by far the highest number since 2008. Meanwhile, up to 40,000 mainland students are enrolled in the eight major universities in Hong Kong, the report said.
“With the government’s ongoing efforts to actively attract talent, it is believed that there will be an increasing inflow of talent to Hong Kong in the coming year, which will subsequently boost the local property market,” said Sammy Po, chief executive officer of the company’s residential department.
