Hong Kong Home Posts Record-High Rent
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Hong Kong’s luxury property market continues to post record numbers with the latest leasing contract.
A 10,804 square foot home in the city’s wealthiest district was rented out for HK$1.35 million per month, according to a statement from local developer Wharf Holdings.
This is a record figure, according to a Bloomberg report citing real estate agency Centaline.
The house overlooks the Victoria Harbor and comes with a private garage, garden and internal elevator. Wharf has seven of these units in the area with plans to sell four and lease the rest.
The unnamed tenant marks the second anonymous record-setter in weeks for Hong Kong’s property market.
Last month, a 3,378 square foot home in the same district sold for a record figure of nearly $60 million.
Despite political uncertainty and an ongoing pandemic, Hong Kong continues to top rankings as the most expensive property market. According to a recent think tank report, the city’s homes were the least affordable worldwide for the 11th consecutive year.
Questions & Answers
Q.What amenities does the recently rented Hong Kong luxury property offer?
What amenities does the recently rented Hong Kong luxury property offer?
The 10,804 square foot home overlooks Victoria Harbor and includes a private garage, a garden, and an internal elevator. These features contribute to its record-high monthly rent.
Q.What is Wharf Holdings' strategy for its luxury properties in this area?
What is Wharf Holdings' strategy for its luxury properties in this area?
Wharf Holdings owns seven luxury units in the district. Their plan is to sell four of these properties and lease the remaining three, capitalising on the high demand for luxury rentals.
Q.How does the size of this rented property compare to the record-setting home sold last month?
How does the size of this rented property compare to the record-setting home sold last month?
The recently rented home measures 10,804 square feet, making it significantly larger than the 3,378 square foot home in the same district that sold for a record figure last month.
Q.Despite recent events, what is Hong Kong's overall position in the global property market?
Despite recent events, what is Hong Kong's overall position in the global property market?
Despite political uncertainty and an ongoing pandemic, Hong Kong consistently ranks as the most expensive property market globally. It has been the least affordable worldwide for eleven consecutive years.
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