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HomeSoutheast AsiaAs Singapore’s soaraway rental boom cools, Hong Kong rents heat up

As Singapore’s soaraway rental boom cools, Hong Kong rents heat up

AsiaSoutheast Asia

As Singapore’s soaraway rental boom cools, Hong Kong rents start to heat up

Rents in Singapore’s prime districts, typically favoured by expatriates, have cooled as rental growth across most sectors has also largely moderatedIt comes as the city state’s policy measures to tackle soaring prices start to work – and as Hong Kong reaffirms ‘its resilience as a financial hub’SingaporeBloombergPublished: 1:04pm, 19 Sep, 2023Why you can trust SCMP

Hong Kong rents are rising again as overseas workers return, a recovery that contrasts with the cooling market in rival financial hub Singapore.

Hong Kong rents rebounded from their first-quarter decline to climb 2.8 per cent in the second quarter of 2023, Knight Frank data shows. While Singapore recorded the same pace of gains, growth in the latter city’s rents was the weakest since 2021 and down from a recent peak rate of 8.6 per cent.

The push to reverse a brain drain of talent during the pandemic is encouraging new arrivals to target Hong Kong neighbourhoods popular with professionals, such as SoHo and Kennedy Town. In comparable districts in Singapore, growth rates are now about half that as stellar figures from previous years give way to relatively lacklustre increases.

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Singapore government doubles residential property tax for foreigners to 60 per cent

Singapore government doubles residential property tax for foreigners to 60 per centThe contrast in performance between rental markets in two of Asia’s prime financial hubs underscores Hong Kong’s path to recovery from the pandemic as people from overseas flow back into the city. Meantime, in Singapore, policy measures ahead of an election to tackle soaring property prices are starting to work.

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