Despite rising unemployment rates, average rents in the housing market inched up in July, especially for new projects.

The average rental indices in Hong Kong’s residential market rose 0.6 percent month on month, the latest data from the ratings and valuation department showed.

The rental yield of new projects ranged between 2.3 and 2.9 percent. Small and medium flats in new projects with monthly rent levels of below HK$20,000 proved popular.

Rents in Kai Tak, an area that has seen a significant number of new flats, have risen consistently.

Ricacorp Properties attributed this to improvements in the neighborhood’s infrastructure, with the recent opening of a new MTR station.

The overall rental yield for the area was around 2.7 percent, the agency said.

A 349-square-foot unit at Vibe Centro in Kai Tak was rented out for HK$16,000 per month, or HK$46 per sq ft.

Based on the latest estimated property price of HK$7.54 million, the owner can expect to enjoy a 2.6 percent rental return.

In the same area, the monthly rent for a 336-sq-ft flat was HK$15,800, or HK$47 per sq ft. Based on the flat’s market price of HK$6.4 million, the rental yield was 2.9 percent.

Read the Full Article (17 Sep 2020)


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