Hong Kong Tramways seeking fare increase; and additional headlines

For PropertyGuru’s news roundup, Hong Kong Tramways has applied to increase adult fares by 10 percent, citing sluggish ridership and rising operational costs. In other headlines, here are the top 10 PropTech companies and startups revolutionizing the real estate market. Lastly, the Dubai Land Department launched the new Smart Rental Index designed to drive the development of Dubai’s real estate sector.

Hong Kong Tramways seeking a 10 percent fare increase to HKD3.30

Hong Kong Tramways has applied to increase adult fares by 10 percent, from HKD3 to HKD3.30, citing sluggish ridership and rising operational costs. The company said it had submitted a fare adjustment proposal to the Transport Department. It also hopes to hike concessionary fares: a 6.7 percent increase in children’s fares from HKD1.50 to HKD1.60, and a 15.4 percent rise in senior citizens’ fares from HKD1.30 to HKD1.50. The monthly ticket will remain unchanged at HKD260. “Farebox revenue remains a critical income stream alongside commercial partnerships, despite ridership lingering over 15 percent below pre-pandemic 2018 levels,” Hong Kong Tramways said in HKFP, adding that the company was facing rising operational costs.

Top 10 PropTech companies revolutionising real estate

PropTech is revolutionizing the real estate market. From how property is bought to marketing, maintaining, and selling, using PropTech is the way to go. In real estate, PropTech is that innovation—revolutionizing the industry from brick by brick to click by click. PropTech, short for property technology, brings together data analytics, AI, blockchain, and IoT to streamline real estate operations, making them smarter and more efficient. Imagine a world where buying, selling, and managing property is as smooth as scrolling through your favourite app. That’s what PropTech does. PropTech Pulse explores the top 10 PropTech companies and startups at the forefront of this transition, as well as how these tech advancements help real estate professionals, investors, and property managers.

Dubai rental index update: Key changes renters and landlords must know

Dubai has continued to bolster its appeal as a global hub for real estate investments, setting several record highs in 2024 that reflect this growth. The city’s property market achieved record-breaking success in 2024, setting new milestones with an unprecedented total of 180,900 transactions valued at USD142.1 billion. In a bid to further expand this vital sector, and in line with its commitment to leadership in technology and innovation, the Dubai Land Department launched last month the new Smart Rental Index. According to Economy Middle East, this strategic platform is designed to drive the development of the real estate sector while fostering trust, transparency and confidence among landlords, tenants and investors.

The Property Report editors wrote this article. For more information, email: [email protected].