Landlords in New Territories are big winners amid Hong Kong’s property market gloom

Quick Summary:

Landlords in New Territories are probably the happiest lot as demand lifts rents to multi-year highs, a bright spot amid an otherwise gloomy property market.

A 235 sq ft studio flat at Novo Land in Tuen Mun, was leased at HK$12,200 (US$1,565), which translates to HK$51.9 per square foot, setting a new high for rents in the estate.

Prices of second-hand homes fell 1.2 per cent in June to the lowest since October 2016, according to government data, bringing the total decline this year to 3.1 per cent.

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Article Details

Author / Journalist: Salina Li

Category: Business

Markets: Hong KongChina

Topics: Kong Territories Rents Students Hong Cent Market Demand Rental Year According

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-19 @ 08:30:16 (7 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 725 words

Reading Time: 5 minutes read

Sentences: 25 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22128392

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