Hong Kong celebrities like Stephen Chow and Andy Lau have recently seen the estimated rental values of their luxury properties rise as the city’s leasing market continues to improve, according to new government data.
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The rateable value of actor and filmmaker Stephen Chow’s house at 12 Pollock’s Path on The Peak rose 2.7 per cent to HK$6.72 million (US$864,904), according to data released by the Rating and Valuation Department on Monday.
The rateable value for 2025 to 2026 is an estimate of the annual rental value of a property on the open market at the designated valuation reference date of October 1, 2024, assuming that the property was vacant. The valuation list will become effective on April 1 and subsequent changes in the market would not affect rateable values.
Rates, one of Hong Kong’s indirect taxes levied on properties, are charged at a specified percentage of the rateable value.
The metric serves as a barometer of the city’s rental market as the segment has edged up while home prices remained in a slump. In January, an index tracking rents rose by 0.42 per cent month-on-month, while lived-in home prices fell to their lowest point in eight years, according to the government data.
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“[The rateable value] reflects that the overall residential leasing market remains upbeat,” said Lucia Leung, director of research and consultancy at Knight Frank.
“In the luxury segment, we have observed that some foreign professionals from international firms are planning to relocate back to Hong Kong with their families, seeking well-decorated flats with monthly rents ranging from HK$70,000 to HK$120,000,” she said. “Meanwhile, some affluent individuals from the mainland are able to afford premium accommodations with monthly rents reaching up to HK$200,000.”