Our Founder and CEO, Asif Ghafoor, spoke to Bloomberg this morning about what the latest Spacious data is showing on how the coronavirus is impacting Hong Kong property.
Watch the video now on Bloomberg TV:
https://www.bloomberg.com/news/videos/2020-03-05/assessing-the-health-of-hong-kong-s-property-market-video
Watch the video to find out what kind of rental and sale discounts can be achieved with the market outlook for the year ahead for both sales and rentals.
Summary:
- The period between Chinese New Year and early February saw a lot of volatility and some panic as the scope of the coronavirus was very unclear.
- In general, rental prices down 5-6% since last summer, back to where they were 2 years ago.
- Sale market outlook for the near term will depend on the coronavirus trends and the potential return of social unrest. In the long term, Hong Kong property should prove to be resilient given healthy fundamentals and strong recoveries experienced following previous downturns.
- The shift from offline to online is accelerating as people want to be able to search for the things they want from the comfort and safety of their homes.
- Spacious is seeing more and more agents adopt an online-only strategy as searchers stay home, walk-ins decline.
Watch the video now on Bloomberg TV:
https://www.bloomberg.com/news/videos/2020-03-05/assessing-the-health-of-hong-kong-s-property-market-video
