City’s rental market is looking up again as landlords continue to reap the benefits of economic reopening, with students and professionals signing up new leases ahead of time, according to a Centaline index.
The land is expected to yield about 450 flats – some with a sea view – in an area popular among young expats, as the first government tender process of this financial year gets under way.
After a 7 per cent rise in the first quarter, sales have now slumped and sellers are slashing prices to get deals done amid a ‘downward trend’ that will last through the year, according to agents and analysts.
Homebuyers in the city flocked to buy flats on offer this weekend at Sun Hung Kai’s Novo Land project in Tuen Mun, reflecting a pre-emptive move against an expected rise in prime rate.
The secondary housing market is sinking further into the gloom as interest rate rises, competition from cheap new developments and a wave of emigration take a toll on demand, according to analysts.