Other Costs
Leasing Conditions
Most properties are leased out in good decorative condition, unfurnished, and often but not always provided with appliances which may include cookers, refrigerators, washing and drying machines, dishwashers and air-conditioners, but excluding soft furnishings such as carpets and curtains. Except for serviced apartments, there are far fewer furnished apartments available, and these few are usually smaller units with only one or two bedrooms.
Air-conditioners are essential for comfortable living during the summer months and, if not provided by the Landlord, will need to be installed by the tenant.
There are also a number of quality serviced apartments available offering good to excellent facilities for short lease periods of three months or longer. The rentals for these units are comparatively higher. Most have one or two bedrooms although some three bedroom units are available.
Tenancy Agreements
Most tenancy agreements in Hong Kong are for a two year period, although it is often possible to have an escape clause which gives the tenant the right to break the tenancy on giving 2 or 3 months’ notice to the landlord after a minimum occupation period of 12 to 15 months.
By law, the tenant has the right of first option to renew the tenancy after each two-year period, at the current market price; however, new legislation introduced now permits the owner to provide twelve months’ notice to terminate the lease.
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