Luxury residential properties in Hong Kong are attracting attention from those looking to lease, which could make such real estate assets a good choice for investors. According to research published by Savills, leasing demand in the city has remained "strong", with certain districts seeing rents grow.
The firm highlighted The Peak and Southside areas, commenting that rents for townhouses in these districts rose by 3.1 per cent and 2.6 per cent respectively during the second quarter of the year, when compared to the first three months of 2011. It also noted that it is young professionals working for investment banks who are sustaining the leasing market.
Savills also revealed that families are being forced to look outside the traditional areas for a home due to a lack of supply, which has helped boost the rental sector in districts such as Tai Po, Shatin and Discovery Bay. Meanwhile, prime property in Hong Kong put in a strong performance during the second quarter of the year, with Knight Frank's Prime Global Cities Index headed up by the territory, which saw values increase by 16.1 per cent year-on-year.
- Friday 12 August 2011