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Scapegoats For Rising Hong Kong Apartment Rental Prices

The authorities in China have become very good at identifying scapegoats for policy failures. In the case of rising Hong Kong Apartment Rental Rates, they first blamed it on prostitutes, then on real estate agents. The government claims that as housing transactions become sluggish after price hikes, and homeowners and speculators found it more difficult to sell, that real estate agents have persuaded them to rent out their apartments with the agent acting as their representative. In this capacity, they ask for higher rental rates to please the owners and line their own pockets.

Chinese housing prices have been soaring since the government launched a huge stimulus in late 2008, and local governments borrowed heavily under this plan. But it is also widely believed that a lot of this stimulus money found it's way right into the property markets as "hot money" that has been pushing up prices rapidly.

Looking For Apartment rentals Hong Kong

Some great apartment rentals hong kong has to offer to you can be found on the internet. Of course, everything can be found on the internet, but they might not always be the best. The best way to find a great apartment is never to use English to look for it. Most of the time, using a foreign language to find something local will result in you getting ripped off or getting something that is twice the price for the same value.

Therefore, you should try looking in Chinese. Simply type in what you want in google translate and look it up from the search function. Next, you should look around and see what they are offering. The Google toolbar is extremely useful in doing such tasks, and you should definitely get it.

Hong Kong: Third Most Expensive Rental Market in The World

According to a global survey of expatriate housing costs, Hong Kong's residential rentals for expats jumped 22% in September for the year to date from a year earlier. This has made Hong Kong the third most expensive rental market in the world.

The average monthly two bedroom apartment rental in Hong Kong, at US $2,830 puts the city's housing costs for expats behind those of Tokyo and Moscow, according to a report released on the 22nd of February, Tuesday, by the ECA. Tokyo is the highest on the list, with a monthly average rental of US $4,352 for a standard two bedroom apartment.

Lee Quane, the regional director of ECA Asia stated that the rise in the Hong Kong property market is due to a combination of low interest rates, high liquidity and a shortage of supply.