Rents for larger luxury homes have dropped as much as 20 per cent, said Louis Ho, principal sales director at Centaline Property Agency. A lot of companies have cut their budgets, he added.
“We are seeing declines in rental prices in most major complexes,” said Victoria Allan, founder and managing director of real estate agency Habitat Property. Those that command more than HK$120,000 a month have dropped a further 10 per cent, she said.
“The current ,” said Thomas Lam, executive director at Knight Frank. “While residential property prices still remain at high levels, rents have kept adjusting downward due to the economic downturn and the high unemployment rate.”