More news from SCMP today about rent drops of 20% in some areas.
http://www.scmp.com/property/hong-ko...ale-plans-amid
More news from SCMP today about rent drops of 20% in some areas.
http://www.scmp.com/property/hong-ko...ale-plans-amid
So my situation update.
Original rent increase proposal - c.14.2%
Then got it negotiated down to a c.7.1% increase.
Further negotiations resulted in it getting it reduced to a c. 5.4% increase.
I'm trying to push them down to agree a c. 3.6% increase, but I think we have reached a bit of an impasse. If I want to stay I will have to agree to the 5.4% increase (which is what I think we will end up doing).
Take it and be happy (assuming you like living there), and stop back trading.
You don't want your LL nursing a grudge, by agreeing to 7%, and then cutting and cutting
(Will they go on paying high rents?
If so, HK Property investors should see some steady demand):
Working expatriates like to stay in Hong Kong longer: poll
South China Morning Post - ‎5 hours ago‎
Hong Kong ranks behind only the United Arab Emirates as the most popular place - where professionals working abroad want to stay longer, a survey has found.
/see: http://www.scmp.com/news/hong-kong/a...ng-longer-poll
Great interactive chart below
UK & HK both have similar issues from similar restrictive land use policies
http://www.economist.com/blogs/daily...rices?fsrc=rss
Not a bad result.
It probably would have been an 8 -10% rise had you been negotiating a few months ago. Rents seem to be off their peak in some areas, and this is normally a "slow" time of year for rentals. If you are lucky, you will be able to Buy a place, or negotiate a lower rent in 12 months time.