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Hong Kong home rents see biggest month-on-month decline
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Author:  Alan [ Tue Nov 24, 2015 7:41 pm ]
Post subject:  Hong Kong home rents see biggest month-on-month decline

Pressure drop: Hong Kong home rents see biggest month-on-month decline in four years
SCMP wrote:
PUBLISHED : Monday, 23 November, 2015, 9:15pm
Peggy Sito
October's 1.8pc decline is biggest in four years and follows September peak of HK$34 per sq ft

Hong Kong’s home rents fell 1.8 per cent month on month in October, the biggest monthly decline in four years, a private study shows.

Average home rents at 100 housing estates stood at HK$33.40 per square foot a month, against September’s peak of HK$34, according to a study by Centaline Property Agency, one of the city’s major property agents. The October figure was the lowest in four months.
Alfred Lau, a property analyst at Bocom International said “the trend will continue and the pace of decline will even speed up”.
“The delay in property delivery has shifted the rental pressure to the next coming months,” he said, citing projects including Grand Austin (691 units) at Austin Station, The Avenue II (1,096 units) in Wan Chai and Mayfair by the Sea I&II in Tai Po (1,091 units).

Derek Chan, head of research at property agent Ricacorp Properties, agreed the falling trend would continue.
In the study by Ricacorp Properties, average rents at 50 housing estates last month fell 2 per cent from their peaks in August to HK$32.88 per square foot.

Source: ... cline-four

Well, a faint hope of relief for some of us. But I'm pretty sure our landlord will push our rent up again regardless.

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