Rents for Hong Kong’s luxury homes fall by as much as 25 per cent as coronavirus causes job losses, expat exodus

The slide in Hong Kong’s rents is getting steeper as the coronavirus crisis leads to job losses and an exodus of expats and students fleeing the city.Rents in high-end districts have been hit hardest, tumbling by up to a quarter from their peaks, according to agents, while data showed the average rate across the whole city slumped to the lowest in almost three years in February.“The virus is reducing demand for properties as people either leave Hong Kong or have less job security,” said…

from South China Morning Post https://ift.tt/3dpHrAg
Lam Ka-sing,Martin Choi The slide in Hong Kong’s rents is getting steeper as the coronavirus crisis leads to job losses and an exodus of expats and students fleeing the city.Rents in high-end districts have been hit hardest, tumbling by up to a quarter from their peaks, according to agents, while data showed the average rate across the whole city slumped to the lowest in almost three years in February.“The virus is reducing demand for properties as people either leave Hong Kong or have less job security,” said… https://ift.tt/eA8V8J March 24, 2020 at 02:00AM