Rents face 10pc crash in hong kong luxury market

The Hong Kong luxury home market has hit tipping point say leading local agents and the market is stalling.

The city’s luxury housing rents, which fell last quarter for the first time since mid-2009, may crash by a further 10% next year as the Hong Kong financial services sector cuts back on spending and staffing levels.

“We’re definitely at that tipping point,” Anne-Marie Sage, Hong Kong-based head of residential at global agency Jones Lang Lasalle told OPP.

“We’ve begun to see vacancies at the very top end of the market. The banking and the financial sector have basically stopped all movement.”

Source: OPP.org.uk