Rental Boost: Luxury Homes of Stephen Chow and Andy Lau in Hong Kong See Rising Estimates

The rateable value serves as an estimation for how much rent a property could potentially fetch annually when placed on the open market as of a specific valuation reference date.

Hong Kong celebrities
Similar to what Stephen Chow and Andy Lau have experienced lately, the assessed rental values for their high-end properties have increased as Hong Kong’s leasing market keeps improving, according to recent governmental statistics.

The assessed value of actor and filmmaker Stephen Chow’s residence at 12 Pollock’s Path on The Peak increased by 2.7% to reach HK$6.72 million (US$864,904). This information was disclosed by the Rating and Valuation Department on Monday.

For the period from 2025 to 2026, the estimated rateable value represents what the yearly rent of a property might be if it were available on the open market as of the specified valuation reference date, which falls on October 1, 2024, under the condition that the property was unoccupied. Once the valuation list takes effect starting April 1, future shifts in the marketplace won’t alter these rateable valuations.

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Taxes, one of Hong Kong’s indirect duties imposed on properties, are applied as a designated proportion of the assessable value.

This indicator acts as a gauge for the city’s rental market since this sector has been gradually improving even though property values have continued to decline. According to official statistics from January, an index measuring rent saw a monthly increase of 0.42 percent; meanwhile, the price for occupied homes dropped to levels not seen in eight years.

“The [rateable value] indicates that the broader residential rental market continues to be optimistic,” stated Lucia Leung, who serves as the director of research and consultancy at Knight Frank.

She noted that within the high-end market, some overseas experts working for multinational companies intend to move back to Hong Kong along with their families, looking for elegantly furnished apartments with monthly rentals between HK$70,000 and HK$120,000. Additionally, certain wealthy individuals from mainland China can manage to pay as much as HK$200,000 per month for top-tier housing options.

Leung mentioned that the rental market has seen improvement due to an increase in talented individuals entering through different admission programs. Additionally, she noted that economic instabilities have led more people to choose renting over buying.

The luxurious property owned by actor and singer Andy Lau located at 35 Kadoorie Road in Ho Man Tin saw an increase of 2.4 percent in its rateable value, now standing at HK$6.26 million.

A property held by Keung To, who is a member of the
Hong Kong boy group Mirror
The property increased by 13% in its rateable value to reach HK$406,800. This equates to HK$34,000 on a monthly basis. Local media reports indicate that he purchased the 662 square foot, two-bedroom apartment for HK$18 million in 2023.

Last week, Centaline Property Agency reported that residential rents in Hong Kong reached their highest point in five and a half years as of February, and they anticipate further increases.

In December, Knight Frank predicted that the broad housing market would witness a rental price hike of 3 to 5 percent, whereas the high-end segment is expected to see rent increases of around 3 percent throughout 2025.

As the housing market strengthens, projected retail values remain low.

The assessed value of the 5,200 square foot shop at Russell Street in Causeway Bay, which housed the Transformers: The Ark restaurant, increased slightly by 10% to HK$17.3 million for the period from 2025 to 2026. However, this figure represents a decrease of 76% compared to HK$72.2 million recorded in 2018 and 2019.

According to real estate agents, The Ark restaurant incurred approximately HK$1 million (US$128,000) per month in rental costs, which represented only half of what Burberry had previously paid.
succumbed in late 2021
due to the economic downturn caused by the Covid-19 pandemic.

An indicator for privately held retail properties, as measured by the valuation department, has dropped by approximately half since reaching its highest point. In December, the index was recorded at 380, down from its peak of 601 in November 2018.

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The article initially appeared on the South China Morning Post (www.scmp.com), which is the premier source for news coverage of China and Asia.

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