The average rent for a prime property in Hong Kong was US$6.70 per square foot at the end of last year, the data showed.
AFP via Getty ImagesPolitical unrest and the Covid-19 pandemic have not impacted Hong Kong’s top spot as world’s priciest city for luxury rentals, according to a report this week from Knight Frank.
The average rent for a prime property in the city was US$6.70 per square foot at the end of last year, the data showed. It retains this spot among the eight markets considered by Knight Frank in the report.
“A tenant with a budget of US$10,000 per month would be able to rent less than 1,500 square feet,” Kate Everett-Allen, Knight Frank’s head of international residential research, said in the report.
Although rents for doorman buildings in New York City plunged 17% year over year in March, the city is the second-most expensive in which to rent a luxury residence, the report found. Prime rents there are about US$4.44 a square foot, which means US$10,000 a month allows for an apartment that’s an average of 2,249 square feet.
Singapore ranks No. 3, with rents of roughly US$3.85 a square foot. Renters there can expect to get an average of 2,591 square feet for their US$10,000 monthly payment, the data showed.
“Dubai and Madrid offer the largest space in return for rent of US$10,000 per month—4,800 and 5,000 square feet respectively,” Ms. Everett-Allen said.
Although the pandemic pushed many urban dwellers to greener and more spacious locales, cities are starting to come back to life, Knight Frank noted.
“The rate of rental declines is slowing and new lease signings are recovering,” according to Ms. Everett-Allen. “Motivated by large discounts, prime tenants are making their move back into some city centers hopeful of shorter commutes post the pandemic.”
More: This Friday, attend a Barron's Live discussion on the U.S.'s emerging real estate markets
This article originally appeared in Mansion Global.
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