After rental cuts on commercial properties, landlords in Hong Kong are also being forced to adjust the rents on some residential units due to the slowdown in the housing market.
An apartment at the popular Taikoo Shing complex in Quarry Bay saw its rent slashed by a third to HK$18,500 before it found a new tenant, according to the Hong Kong Economic Journal.
The rent is 27.9 percent less than what used to prevail earlier in the area for such units, and also marks the lowest in four years, the report noted.
The monthly rent translates to HK$26.4 per square foot, which is about HK$2.6 lower than that seen in a comparable unit in Ma On Shan in New Territories.
In another case, a unit at the popular Mei Foo Sun Chuen private housing estate in Lai Chi Kok has seen its rent cut by 16.7 percent to HK$15,000, or HK$28.2 per square foot.
The per-square-foot rent is 6 percent below the average market rate in the area earlier.
Meanwhile, more secondary homes in the city are being sold at prices that are at least 10 percent below the previous market level.
Some units at Jubilee Garden in Fo Tan and near Sheung Shui Centre have been sold at HK$8,498 and HK$11,500 per square foot respectively, representing discounts of 15 percent and 10 percent.
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