Luxury home rents in Hong Kong show significant growth

The rental market for luxury homes in Hong Kong is showing signs of growth, according to new data. The rateable value of Stephen Chow's residence at The Peak has risen by 2.7 percent, reaching HK$6.72 million, or about US$865,000. This increase reflects the estimated annual rental value for the 2025 to 2026 period. The reference date for this estimate was October 1, 2024. The new valuation will take effect on April 1 and will not change due to market fluctuations thereafter. The rateable value is important as it influences property taxes in Hong Kong. It is also a key indicator of the rental market's health. Government data shows that while luxury rents are going up, home prices have fallen to their lowest levels in eight years. Experts note that the residential leasing market remains strong. Lucia Leung from Knight Frank mentions a trend where foreign professionals are returning to Hong Kong, looking for well-decorated apartments with rents between HK$70,000 and HK$120,000. Additionally, wealthy individuals from mainland China are increasingly able to pay for upscale rentals that can reach HK$200,000 monthly.