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Mainlanders drive demand for luxury apartments in Q3

In Hong Kong Island, rents picked up by 1.2% QoQ.

Rents for luxury apartments grew in Hong Kong Island, Kowloon, and the New Territories in Q3, thanks to Mainlanders moving to the city amidst the sporadic lockdown across China.

Based on Savills report, rents picked up by 1.2% QoQ for Hong Kong Island, 1.9% QoQ for Kowloon, and 0.5% QoQ for New Territories.

All districts in Hong Kong Island also saw modest growth in Q3, led by Happy Valley/Jardine’s Lookout (+3.2%) and Southside (+1.9% QoQ). Meanwhile, Mid-levels and Pokfulam both increased by 0.6% QoQ.

Savills said Mainlanders were mainly focused on traditional luxury enclaves such as Southside, The Peak and Mid-Levels.

"Elsewhere, a lack of available stock is helping to support rents and a tendency to renew has resulted in a general lack of movement," Savills commented.

READ MORE: Why will Mainland's border reopening be crucial for the luxury market in 2023

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