– Hong Kong housing rents are rising again as overseas workers return, a recovery that contrasts with the cooling market in rival financial hub Singapore.
The push to reverse a brain drain of talent during the pandemic is encouraging new arrivals to target Hong Kong neighbourhoods popular with professionals, such as Soho and Kennedy Town. “The trend is poised to persist, with Hong Kong’s rental market rebound affirming its resilience as a financial hub,” said Ms Christine Li, head of research for Asia-Pacific at Knight Frank. “Singapore’s decelerating rental market may offer relief to expatriates previously deterred by escalating rents.”
“When there is not just one but several headwinds hitting the residential market, they may choose to rent,” Mr Fisher said, alluding to the recent surge in interest rates on mortgages and the drop in sales.
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