As indicated by Hong Kong’s Urban Redevelopment Authority, rents for private home climbed 4.2% in the first quarter of this year, compared with a rise of 2.6% in the past quarter.
Rental costs in Singapore were at that point, moving higher during the pandemic because of demand from various sources. And clearly, there are signs that rental demand has grown further.
Co-living start-up Hmlet saw a 25% increase in bookings in January 2022 from December 2021, while serviced apartments managed by Far East Hospitality saw a spike in inquiries and bookings around the end of February.
As indicated by some occupants, in times past, Hong Kong was generally the fun spot to be, especially when it had to do with reasonable rents. However, things have changed as of late.
Smothered by severe Covid limitations in Hong Kong, a few inhabitants from the Chinese financial hub have moved to Singapore, and there are signs that rental demand has gone up. Private home rents have gone up over 4%.
Meanwhile, the number of individuals migrating to Singapore, implies they are adding to the expansion in rents in Singapore too.
Rental costs in Singapore were also previously moving higher during the pandemic because of demand from other sources, including youthful grown-ups moving out of their parents’ homes and people looking for interim housing because of construction delays.
According to some realtors, what was once a dynamic city, simply feels like it’s not generally keen on being essential for the global discussion. Particularly when several people are currently packing up their apartments in Hong Kong and moving to Singapore permanently.
Visitors from Hong Kong to Singapore almost multiplied from January to February this year, as indicated by Singapore’s travel industry board.
That figure rose further in March, bouncing over every available ounce of effort from February, official data shows.
Some of those arrivals intend to settle down in Singapore and have turned to co-living spaces or serviced apartments, according to industry players.
Singapore-based co-living start-up Hmlet said there was an “exponential” increase in bookings in January 2022, “which we attribute to demand from Hong Kongers anticipating the imminent tightening of public health protocols.”
Inquiries from Hong Kong jumped 25% from December 2021 to January 2022. And as per real estate agencies, booking space from Hong Kong has dipped slightly in February and March, but remained higher than previous months.
Some arrivals from Hong Kong are making bookings for as short as two weeks, while others are intending to stay for 12 months, according to a hospitality data.
Strangely, a group of individuals whose original travel purpose was for business, ultimately changed over completely to super durable stays.