09 Feb 2023
[China-Hong Kong Customs Clearance] Rental price has risen, the monthly rent of Overbays house in Repulse Bay rented out $370K
China and Hong Kong have fully cleared the customs, and executives of large companies have returned to Hong Kong, driving demand for luxury housing rentals. In January, rental transactions in traditional luxury housing areas on the Peak and the Southern District increased by 33%. Among them, the OVERBAYS double house at No. 71 Repulse Bay Road was rented out for about $370,000, which is a recent large-scale rental case. According to market sources, the double-numbered OVERBAYS house at No. 71 Repulse Bay Road has a usable area of 4,204 square feet and is divided into 5 rooms. The living and dining room is equipped with floor-to-ceiling glass, and the view of the sea and mountains around Repulse Bay is very wide. Yang, it is reported that the unit was rented out at the end of last month for about $370,000, and the average rent per square foot is about $88, which is an ideal rent level.
According to the agent in the area, the owner bought it as early as 1992. The purchase price in that year was about 17 million, and the owner enjoyed a rental return of about 26% based on the new rent. However, the latest transaction price per square foot of the housing estate is about $78,000, which means the market rent of the unit is about 1.4%.