ON THE MAR­KET

Expat Living (Hong Kong) - - Home & Property -

Sum­mer 2018 has proven to be the tra­di­tional “busy pe­riod” for both new­com­ers to Hong Kong and those re­lo­cat­ing within the ter­ri­tory. The up­com­ing ten­der of the HK Gov­ern­ment’s Mans­field Road Quar­ters (some 80 to 90 apart­ments) has seen some pres­sure on the rental mar­ket be­tween $50,000 and $100,000, with an in­flux of out­go­ing ten­ants need­ing to find new homes. The rental mar­ket con­tin­ues to be com­pet­i­tive across the board, with the higher qual­ity, well pre­sented prop­er­ties be­ing taken up quickly. Pop­u­lar de­vel­op­ments in the South­side such as The Man­hat­tan and The Repulse Bay port­fo­lios as well as some in Mid-Lev­els such as Dy­nasty Court and Queen’s Gar­den con­tinue to be near to max­i­mum oc­cu­pancy, and in some cases have wait­ing lists.

As the sum­mer sea­son is also the time when new fam­i­lies tend to re­lo­cate to Hong Kong, the typ­i­cally fam­ily-friendly de­vel­op­ments and lo­ca­tions found in the South­side and MIDLEVELS have proven to be pop­u­lar as al­ways.

There is much spec­u­la­tion about how the new Gov­ern­ment Va­cancy Tax will af­fect the over­all prop­erty mar­ket in HK and we have started to see some de­vel­op­ers re­leas­ing their prop­er­ties to the leas­ing mar­ket in or­der to avoid this new mea­sure. This new stock ap­pears to be pre­dom­i­nantly smaller apart­ments for the time be­ing, but there is some hope that this new tax could con­trib­ute to an in­crease in choice for po­ten­tial ten­ants’ ter­ri­tory-wide in the near fu­ture.

Lau­rie Lankester Di­rec­tor, Res­i­den­tial Leas­ingand Re­lo­ca­tion Ser­vices Jones Lang LaSalle Lim­ited (JLL)

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