blogs / 17 AUG 2022
China Hong Kong Market Watch is Now Available!
Download a copy of the latest China Hong Kong Market Watch for more details.
Our latest edition of China Hong Kong Market Watch is now available! If you are relocating to China Hong Kong, get updates on the current trends in the residential rental markets, and typical school, and transportation costs. The Market Watch also includes updated immigration rules and travel protocols for assignees preparing to relocate to Hong Kong.
Residential Market Outlook
As the city continues to battle COVID-19 and with strict inbound travel restrictions, the overall rental market has been on a downward trend for the first half of 2022 and is expected to continue for the rest of the year. Lower activity was observed in the residential and luxury property leasing market, and volume remained low in the first half of the year. Occupancy rates for serviced apartment sank from 66% in January 2022 to 60% this quarter, and rental rates drop by 4%. The local leasing market is currently driven mostly by locals from Mainland China and new citizens who became Permanent Residents after staying in Hong Kong for seven years. The prolonged lockdowns in China have also driven many locals to move to Hong Kong to avoid the confinements. At the same time, many expatriates are moving out of Hong Kong to other countries like Singapore, due to the local inbound travel restrictions.
Immigration and Quarantine Rules
Assignees relocating to Hong Kong will be required to undergo compulsory quarantine for three days in a Destinated Quarantine Hotel and take daily rapid antigen tests (RATs), plus four days of medical surveillance at home/ self-arranged accommodation. Assignees are advised to make advanced booking for the Destinated Quarantine Hotel before making the trip to Hong Kong as part of the entry requirement.