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HONG KONG: Rents in the expatriate enclave Mid-levels have surged on higher demand from foreign employees in the financial sector relocating to the city from Tokyo, Japan.
Occupancy levels of rental homes have spiked since the 9.0-magnitude quake and its resulting tsunami and nuclear crises in Japan, said Property Report on Mar 28 citing Yonhap news agency.
Golden Stars Property real estate agent Man Cheung said the agency had been receiving more phone inquiries, mainly from the financial sector, following the earthquake.
“They are usually in a hurry to relocate themselves in Hong Kong and are willing to pay high prices,” she added.
Furnished new apartments under 1,000 sq ft in the Mid-levels - located halfway up Victoria Peak - can easily go for HK$20,000 (US$2,566) to HK$40,000 (US$5,129) a month.
Meanwhile, furnished apartments in secondary areas such as Causeway Bay and Fortress Hill can fetch from HK$30,000 to HK$40,000 (US$3,847 to US45,129) per month and are already full, she said.
The rental volume is set to go up in the next few weeks, said an official with a Hong Kong-based property investment firm.
“Occupancy at two high-end furnished apartment complexes developed by Sun Hung Kai Properties in the central area climbed as much as 3 percentage points to 98% recently,” said the official who spoke on condition of anonymity.
These units range from 475 to 1,420 sq ft and are rented out from HK$50,000 (US$6,410) to HK$100,000 (US$12,822) per month.
On a related matter, prices of hotel rooms have risen to three times the usual rates as evacuees from Japan snap up available accommodation, said industry officials.
Hong Kong's tourism season traditionally see a lull in activity in March, save for the last weekend of the month, said Property Report.
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