To buy or to rent – that has become a big question for locals as well as new arrivals to Hong Kong. Rents are set to shoot past the previous peak in August 2019.
Robust demand comes from newly arrived residents, and potential buyers waiting for interest rates to drop are sitting on the sidelines. An influx of international students and professionals – mostly from the mainland – will look to renting.
The government’s talent scheme has drawn 93,000 applications, of which more than 73,000 were approved. Of those applicants, 60,300 have already arrived in the city.
They will probably choose to rent and observe the market and get a feel of the land before committing to buying.
As the US Federal Reserve is widely expected to start a new easing cycle next week, it makes sense for potential buyers to wait for lower mortgage rates.
