Luxury rents seen up 5% as Hong Kong expat relocations rise 20% in H1

Relocation demand is projected to grow at least 10% in 2027.

Luxury residential rents are expected to rise by 5% in 2026 as expatriate relocations to Hong Kong handled by Dwellworks climbed 20% year-on-year in the first half, according to a JLL report.

Rents could continue increasing in 2027, when relocation demand is projected to grow by at least another 10%.

“While overall volumes remain below pre-pandemic levels, the pace of growth is the strongest seen in the past three years,” said Joyce Lam, director of operations at Dwellworks Hong Kong.

Lam said most relocations came from the financial sector, primarily from Europe and the US, with additional demand from Singapore and Japan. Technology-sector arrivals were mainly from mainland China and have picked up since H2 2025.

The recovery in Hong Kong’s IPO market was one factor behind the increase in expatriate arrivals, according to Norry Lee, senior director of Projects Strategy and Consultancy at JLL in Hong Kong.

“The surge in fundraising activity has fuelled hiring demand across investment banking, legal, audit, and compliance functions,” Lee said.

Lee cited Census and Statistics Department data showing that employment in financial services, excluding insurance, together with professional and business services, increased by about 5,300 to 550,800 in 2025 and by another 3,800 to 554,600 in H1. 

Financial-services visas granted to foreign nationals rose to 2,343 in 2025, the highest level since 2022. Another 678 were issued in the first quarter of the year.

Housing demand from expatriates is also becoming more geographically spread. Dwellworks said demand is shifting towards areas including Kai Tak and Tseung Kwan O, whilst Discovery Bay and Tung Chung have become less popular than in previous years.