Hong Kong’s residential leasing market more active during Lunar New Year holiday
Only a few units sold in primary residential market
The residential leasing market has been more active than sales, with some owners preferring to let their apartment at lower rents instead of leaving them vacant, which is considered an inauspicious sign for the Lunar New Year.
While more than 10 leasing deals have been concluded during the Lunar New Year holiday, only a few units have been sold in the primary residential market.
Many Wealths Property Agent sales manager Lee Kai-cheong said some owners did not want their apartments vacant at the beginning of the Year of the Monkey.
“They are willing to offer more incentives to find tenants,” he said.
A four-bedroom, 722 sq ft unit at Chelsea Court in Tsuen Wan was leased out for HK$20,000 a month, about 13 per cent lower than the market rate, he said.
The unit had been on the market for leasing since September.
In Tin Shui Wai, a 629 sq ft unit at Maywood Court, Kingswood Villas, was leased for HK$9,000 a month over the weekend, Many Wealths said.