HK property prices expected to fall further

Business | 6 Dec 2018 5:57 pm

Real Estate brokerage Cushman & Wakefield expects local home prices to slump further 10 percent next year amid growing global uncertainties.

Alva To, vice president, Greater China head of consulting, said most of the residential price correction will happen in the first half of 2019, as they predict the situation of Sino-US trade war will be clearer in the first quarter, adding that this uncertainty is the major factor in the recent home price drop.

The company also predicts that there will be up to a 2 percent drop in Hong Kong average office rent. Central will see 4 to 6 percent decrease in office rents, as some companies move their offices from core areas due to concerns about cost.

In terms of retail market, Cushman & Wakefield forecasts rents stabilizing in all areas except Central next year, as there is a relatively high vacancy of 7.1 percent in the second half this year.

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