Following the massive Japan disasters, home rental prices in Hong Kong have risen, as foreign employees in the financial sector move to the city from Tokyo.
The occupancy rate of rental homes has climbed since the earthquake, tsunami and nuclear threats occurred.
“We have been receiving more phone inquiries, especially from the financial sector, after the earthquake in Japan,” said Man Cheung, an agent at Golden Stars Property in central Hong Kong.
“They are usually in a hurry to relocate themselves in (to) Hong Kong and are willing to pay high prices.”
In the Mid-Levels, one of the most popular housing regions among expatriates in Hong Kong, new furnished apartments of below 1,000 sq ft are easily leased for between HK$20,000 and HK$40,000 per month.
Meanwhile, furnished units in secondary regions, including Fortress Hill and Causeway Bay, are priced between HK$30,000 and HK$40,000 per month.
An official at a Hong Kong-based real estate investment company expects the rental volume to increase in the next few weeks.
“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 percent recently,” said the official.
The units, sized from 475 sq ft to 1,420 sq ft, are being rented from HK$50,000 to HK$100,000 per month, added the official.