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HK house rents likely to fall 10-15% due to pandemic
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IANS | 26 Sep, 2020
Due to the ongoing coronavirus pandemic, house rents in Hong Kong,
deemed the worlds most expensive location for expatriate accommodation,
is expected to decline between 10 and 15 per cent this year, a media
report said on Saturday.
According to commercial real estate
service provider JLL, rents of luxury housing fell to 9.9 per cent in
the first nine months of this year, compared to the same period in 2019,
the South China Morning Post (SCMP) newspaper reported.
"Demand
is weak, as expatriate arrivals have dropped significantly, and there
have been high vacancy levels in the high-end segment," the newspaper
quoted Nelson Wong, head of research at JLL, as saying.
Wong
added that rents of high-end accommodation in the New Territories
dropped most sharply, with declines of 4.6 per cent during the July to
September quarter from the previous three months.
Rents declined 3.9 per cent in Kowloon and 3.3 per cent on Hong Kong Island.
For
three years in a row, Hong Kong has topped the list as the world's
costliest city for foreigners to live, according to a survey released in
April by ECA International, which provides research on expat
management.
It found that an unfurnished, mid-market,
three-bedroom apartment in areas popular with international executives
cost US$11,318 a month on an average.
ECA regional director Lee
Quane told the SCMP it had predicted in April that rents would come
down, given the declining number of overseas workers arriving in Hong
Kong because of the pandemic.
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