The neighbourhoods recording the most growth are those traditionally popular with mainland Chinese tenants, data from online rental platform Spacious.hk show. West Kowloon, an upscale area where the high-speed railway connects to the mainland, recorded a 12% rise in rents from a year ago in May, nearly three times the city average of 4.2%.
Hong Kong’s rental prices have finally recovered to pre-pandemic levels as mainland Chinese students and professionals flock to the city.
Residential rents climbed for three straight months ending May to reach the highest level since 2019, according to Midland Realty. Rentals are emerging as a bright spot as much of the real estate market, including offices and residential sales, remains in a downturn.
