An abundance of international school places reflects as well as anything the lack of expatriate demand in the rental market, with a further exodus anticipated during the first half of 2022.
- Luxury leasing rents were little changed during the fourth quarter, with rents on Hong Kong Island, Kowloon and the New Territories increasing slightly by 1.0%, 0.8% and 0.2% respectively.
- Hong Kong Island apartment rents continued the rebound from the previous quarter, with Pokfulam (1.6%) registering the largest rise, followed by The Peak (1.3%) and Southside (0.9%).
- In the luxury apartment segment newcomers are typically focused on Mid-Levels, Southside and Clearwater Bay/Sai Kung, the latter for its school offering including the French School in Tseung Kwan O.
- Moderate rental increments were recorded in Sai Kung (+1.6%), followed by Tsim Sha Tsui/Hung Hom (+1.2%) and Sha Tin/Tai Po (1%).
- Townhouse availability remains extremely scarce and budgets of HK$250,000 per month plus are now dominated by mainlanders.