• Rents fell 1.2 per cent in September and have declined by more than 10 per cent from a peak in July 2019, Centaline Property Agency says
  • Expecting another drop of 3 per cent to 5 per cent in the fourth quarter: Ricacorp

A deeper correction in Hong Kong’s residential rents lies ahead in the last quarter, property agencies said, as its economic outlook gets gloomier.

If the pandemic takes a turn for the worse with the fourth wave, hopes will fade for an improvement in sentiment and the city’s economy, according to Ricacorp Properties, another agency. “When people are expecting salary cuts or even job cuts, they have to tighten their belts,” said Derek Chan, head of research at Ricacorp. “We are expecting another drop of 3 per cent to 5 per cent in rents in the fourth quarter.”

Source: SCMP (15 Oct, 2020 )  Read the Full Article

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Hong Kong property company New World Development will offer the first batch of its The Pavilia Farm project in Sha Tin at lower-than-expected prices, as the city’s third coronavirus wave and its worst recession in decades weigh on the property market.
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