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The rent of private house was increased to the highest level.

Squarefoot Editor  2013-06-08  28 #Property Hit News
Being affected by the increased rateable rent value which revaluated by Rating and Valuation Department, and being drove by the renting demand which changed from buying demand caused by BSD (Buyer Stamp Duty) and DSD (Double Stamp Duty), the overall residential rent in April stopped falling. According to the data announced by Rating and Valuation Department, Hong Kong private residential rent in April rose 0.33% by month and the index was 152.5 being the new highest. Among, the rent index of small-medium residential property which under usable area of 99.9 square meter was 153.7. It rose back from the falling and rose 0.39% by month. Government revaluated the rent. Small house’s rent rose 11%. However, the rent of luxury house fell 0.56% by month and had been falling for 5 months. It accumulatively fell 2.7% in 5 months. The rent for large unit above usable area of 160 square meter fell 1.4% by month which also had been falling for 5 months and accumulatively fell 1.5%. But the trading for this kind of unit was less than 20 cases. So it is difficult to take it as the trend index of the market under situation of lack trading cases.   Rating and Valuation Department finished the revaluating of Hong Kong’s 3.08 million property units in February on rateable rent value. Hong Kong overall property rent increased at average rising range of 8% being affected by the improving economic and property price’s rising. The rising range of private property overall rent was higher which was up to 9% in average. Among, the rising range of small residential property’s rent was the highest which was up to 10% at average. While Telford Gardens in Kowloon Bay rose 14% on rent and Kingswood Villas in Tin Shui Wai rose 16% in average on rent. Rating and Valuation Department would take the latest rateable rent value as standard when making the latest rent index of Hong Kong private residential property. So the overall rent index in April was rising. The Senior Associate Director of Research Department of Centaline Property, Huang Liang-sheng expressed, although there were many occupying of many large projects in recent months which sharply increased the supply and the rent had fell, but the residential rent had rose back from the falling according to recent data. It is believed that the rent of private residential property will maintain. Plus with the summer holiday which is the tradition renting hot season is coming, it is estimated that the rent will stable in second half of the year. The private property price had accumulatively fell 0.79% in two months. As for Hong Kong residential property price, it had fell from historical high level for two months after government’s multiple measures. The falling range slightly enlarged. According to the data from Rating and Valuation Department, the price index of all kinds of private residential property in April was 237.9 which fell 0.67% by month. The falling range was larger than 0.12% which happened one month before. It had accumulatively fell 0.7% in two months.   According to the data, the property price index of small-medium residential property which under usable area of 99.9 square meter in April fell 0.71% by month. It had fell for 2 months at highest range. The falling range also larger than 0.08% which happened in one month before. The property price index of luxury house which above usable area of 100 square meter however slightly rose 0.24% by month. It stopped the falling of 1.7% in March. While the monthly trading cases of luxury house above 160 square meter in March and April neither were more than 20. It reflected, after government launched the BDS and DSD, the trading of luxury house was sharply suppressed but the property price stood strong after a slight falling.
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