Economic optimism lifts as UK job vacancies rise and eurozone confidence surges – business live

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Hong Kong is the most expensive city in the world to rent a luxury apartment, followed by New York, Singapore, London and Sydney, according to the estate agent Knight Frank.

Its latest research shows a budget of $10,000 a month would rent less than 1,500 square feet in Hong Kong; $2,250 square feet in New York, and between 2,500 and 3,000 square feet in the other cities.

Of the eight cities tracked by Knight Frank, Dubai and Madrid offer the most space – 4,800 and 5,000 square feet respectively.

Earlier this year, a house on Hong Kong’s The Peak rented for HK$1.35m ($174,000) a month, which equates to more than $2m a year.

Rents in prime central London and Manhattan both fell 14% in February compared with a year earlier. But the tide is turning; the rate of rental declines is slowing and new lease signings are recovering in both markets with landlords offering large discounts.

Knight Frank’s head of prime central London lettings, David Mumby, said:

“As soon as the passenger numbers return via the main transport hubs, we will see fairly a rapid correction of the recent rent reductions.

“Stock will return to the short-term Airbnb rental market and with a normalisation of office occupancy, the undersupply of prime property will drive rents upwards. We are already seeing this starting to materialise in certain areas for the very best properties and it’s only a matter of time before this feeds through to the wider market.”