Prime rents slip 0.8% YoY in Q2 2024 amidst increased supply

On a quarterly basis, rents declined 0.5%.

Hong Kong ranked 14th amongst top prime rental markets globally despite a 0.8% year-on-year (YoY) dip in rents for Q2 2024, Knight Frank reported.

On a quarterly basis, prime rents in Hong Kong declined 0.5% quarter-on-quarter (QoQ).

The report also noted that prime rents in Hong Kong are under pressure due to a relatively high volume of new supply.

Sydney rose as the top market with a 13.9% YoY rise in prime rents, followed by Tokyo (11.0% YoY) and Berlin (6.9% YoY).