Hong Kong Is the Most Expensive City for Luxury Rentals

The average rent for a prime property in Hong Kong was $ 6.70 per square foot at the end of last year, the data showed.

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Political unrest and the Covid-19 pandemic haven’t affected Hong Kong’s leading position as the world’s most expensive city for luxury rentals, according to a report by Knight Frank this week.

The average rent for a prime property in the city was $ 6.70 per square foot at the end of last year, the data showed. It retains that place among the eight markets Knight Frank considered in the report.

“A tenant on a $ 10,000 a month budget could rent less than 1,500 square feet,” Kate Everett-Allen, director of international housing research at Knight Frank, said in the report.

Although New York City concierge building rents fell 17% year over year in March, the city is the second most expensive to rent a luxury residence, the report said. The top rents there are roughly $ 4.44 per square foot, which means $ 10,000 per month makes an apartment an average of 2,249 square feet.

Singapore ranks third with rents of around $ 3.85 per square foot. Renters there can expect to get an average of 2,591 square feet for their $ 10,000 monthly payment, the data showed.

“Dubai and Madrid have the largest space for rent of $ 10,000 a month – 4,800 and 5,000 square feet, respectively,” said Everett-Allen.

Although the pandemic pushed many city dwellers to greener and more spacious areas, cities are coming back to life, noted Knight Frank.

“The rate of rent declines is slowing and lease signings are recovering,” said Everett-Allen. “Motivated by large discounts, main tenants are moving to some city centers in the hope that shorter distances will be covered after the pandemic.”

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This article originally appeared in Mansion Global.