Housing rentals in Hong Kong climbed to an average of HK$23.20 per square foot in June, surpassing the previous peak of HK$23.10 recorded in October last year, the Ming Pao Daily News reported on Tuesday, citing a survey conducted by Centaline Property Agency Ltd. on 85 major residential estates in the city.
City One Shatin, a popular choice among students from mainland China, has seen rents rise 6 percent to HK$26.70 per square foot, from HK$25.20 six months ago. City One Shatin is among the top 10 residential estates with the most percentage of increase last month. Forty-nine rental contracts were signed in June, and the number could be even higher this month as there were already 45 contracts concluded todate.
Residential property rents traditionally go up in summer, when a lot of students and families with children seek to move places.
In Tin Shui Wai, the lowest rent for a two-bedroom flat at Kingswood Villas has increased to HK$8,500 a month from HK$8,200 a month earlier. On the Island East side, an 831 square foot flat at Tai Koo Shing was rented out for HK$32,000 a month, near the record high per square foot rent for the estate.
However, industry sources said demand could come down significantly during the third quarter, with the addition of flats from many new projects, the report said.
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