Melin: The average rent per square foot for private residential properties in Hong Kong has increased by nearly 3% in the first 9 months.

According to the rental trend chart of Midland Realty, the average rent per square foot of private residential properties in Hong Kong in September, calculated based on usable area, is about HK$38.78, an increase of approximately 2.95% in the first 9 months of this year. The average rent per square foot of some housing estates along the railway lines has seen significant increases, for example, New Kwai Fong Garden near Kwai Fong Station, Lai King City near Lam Tin Station, and Silver Lake Crest near Wu Kai Sha Station have all recorded increases of over 10%. Midland Realty analyst Sammy Sum pointed out that housing estates along railway lines are favored by the market due to their convenient transportation and better living amenities. They have become important reasons for attracting many tenants to choose housing estates along railway lines, thus driving better rental performance. Looking ahead, rental prices are expected to continue to rise, with housing estates along railway lines expected to perform even better. In addition, the average rent per square foot of Royal Ascot Hill near Fo Tan Station and Galaxy View near Diamond Hill Station both increased by nearly 10% in the first 9 months of this year. Qian Tian Peninsula near Kowloon Station, Tai Wu Garden near Tai Wo Station also saw increases of approximately 8.9% and 8.6% respectively. Kai Hui near Kwun Tong Station saw an increase of 7.5%, while Tien Jun near Tseung Kwan O Station and Azure Coast near Hang Hau Station, both on the Tseung Kwan O line, saw increases of approximately 6.1% and 5.9% respectively, surpassing the overall market growth.