Rental Market Predictions

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  1. #1

    Join Date
    Aug 2008
    Posts
    57

    Question Rental Market Predictions

    Hiya I need to sign a new contract for a serviced apartment. The rent has already fallen from 18,500 to 17,500 per month (6 month contract) and if i sign for 12 months it will be 17,000 per month.

    The agent here recommends a 12 month contract and tells me that rents for serviced apartments will start to rise again soon.

    What are peoples thoughts? Is the agent correct or do you think that rents will continue to fall over the next 6 months?

    Thx in advance for any advice


  2. #2

    Join Date
    May 2005
    Location
    Sham Tseng
    Posts
    1,377

    "Rents rise" -- have been told by a friend, who works in a bank's property department - his job is to know the going rates in all areas and buildings in HK and predict. His answer to me recently when I began asking questions about buying was, that property prices are expect to continue to fall until at least May-July 2009.

    Also, heads up, back in 2006 had another friend (foreigner), who experienced service apartment representatives quoting her HK$3K more per month than what they had quoted her work colleague (HK Local). In the end the work colleague ended up being able to negotiate a better rental price for a larger service apartment with better view, daily maid service included.