Hong Kong luxury house earns record rent of $2.5m a year

Upscale housing in the world’s most expensive property market is defying falling rents across the city

There is robust demand among the richest tenants in Hong Kong, the world’s most expensive property market. Photo: AFP 

Hong Kong’s luxury real estate sector continues to hit new highs, defying a declining rental market in the city.

A house on 73 Mount Kellett Road on the Peak was leased for HK$1.6 million ($206,000) a month, Hong Kong Economic Times reported, citing unidentified sources. That translates into about $2.5m a year for the tenant.

The amount surpassed the previous record that was just set two months ago, signalling robust demand among the richest tenants in the world’s most expensive property market.

The five-bedroom house comes with a private elevator and a garden of 7,000 square feet.

Despite the falling rents across the city, Hong Kong’s most upscale market is defying the trend.

The former rental record was held by Wharf Holdings, which leased a luxury house in its 11 Plantation Road project for HK$1.35m a month in March.

In February, CK Asset Holdings sold a high-end apartment for HK$459m, the priciest for such a property in Asia. That same month, a Wharf-led consortium won a residential plot on the Peak for a record price by square feet in Hong Kong.