This is all well and good but does anyone have a feel for the impact on rental markets for low to medium price bracket?
This is all well and good but does anyone have a feel for the impact on rental markets for low to medium price bracket?
The main reason rents are dropping is because residents (mostly local Hong Kong) are cutting back on expenditure. Sometimes this is forced sometimes this is voluntary. People moving to smaller places, or having more relatives living at home like parents or adult children. This is likely having a much bigger impact on housing demand than emigration.
My own personal case was when my lease was up for renewal in November. At the time I searched for somewhere cheaper - looking for the barest minimum that I would be comfortable with. I found somewhere 25% cheaper than my previous 2018 rent - a bit smaller but not cramped. With that available, I negotiated a reduction of 15% with my landlord and stayed where I was.
It is easier to leave HK than come in these days. The real gauge is when the travel restrictions are lifted.
It is my anecdotal observationsOriginal Post Deleted
I would guess it is because mainland expats generally put a premium on new builds and lower rents, where western expats put a premium on short commutes and proximity to 'watering holes'...