Feb. 19 (Bloomberg) -- Hong Kong luxury-home rents fell to a 2 1/2-year low last month because supply increased as owners opted to lease their apartments rather than sell, real estate agent Ricacorp Properties Ltd. said.
Rents at 35 luxury apartment buildings dropped 22 percent from a year earlier to an average HK$25.70 ($3.30) a square foot per month, the lowest since June 2006, Ricacorp said in an e- mailed statement yesterday. The average rent fell 4.8 percent from December, the seventh straight month-on-month drop, it said.
“Most homeowners are reluctant to sell cheaply, so they preferred to rent their properties out while waiting for prices to rise, adding to supply,” Ricacorp director Eric Cheung said in the statement.
