HK rental market heats up while Singapore boom cools

Hong Kong housing rents remain on average about 9 per cent more expensive than Singapore’s, according to Knight Frank data. - ST FILE

HONG KONG/SINGAPORE (Bloomberg): 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% in the second quarter of 2023, Knight Frank data show. 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%.