Property

The rental market saw a 7% increase Y-O-Y

As home prices increase, the rent price will increase at the same time. Derek Chan, Head of Research at Ricacorp said, under the current high housing price situation, many people choose to rent a flat and even though it is not peak season, the rent will keep increasing. According to the data from Ricacorp, the average rental price per square foot was $35.41 in December of 2017, which showed a 0.5% increase over November’s figures, continuing to break the historical high. In addition, the rental price increased by 6.9%, which is biggest growth in the last three years.

Last month, the top 50 estates recorded 783 transactions, which is a 3% increase compared to November 2017. However, the total number of rental transaction records last year was 11,357, which showed a 17% decrease from 2016.

In terms of district, the rental transaction volume increased by 14% and 6% in Hong Kong Island and Kowloon, respectively. Hong Kong Island had 151 rental transactions, Kowloon had 320 rental transactions while New Territories saw a 3% drop with 312 rental transactions.

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Tin Shui Wai