2020-06-28

Shenzhen Rents near Hong Kong Fall 20pc

As one commuter explained, Hong Kong and Shenzhen are 100 meters apart, but it takes 28 days to travel because of a 14-day quarantine rule in Hong Kong and a 14-day quarantine in Shenzhen.

iFeng: 深圳房租罕见下调20%,租房市场要“凉凉”?长租公寓还好吗?
As usual, Zhou Jin’s house is not only next to the Luohu port, but also a “subway room”. Such a house is generally very popular among practitioners who travel between Shenzhen and Hong Kong and the student groups who come to Hong Kong to study. "It was very good to rent a few years ago, and sometimes the next tenant takes over in less than a week." Zhou Jin said, but this year, this is the first time that the rent price has been reduced by nearly 20%. And not only their own houses, but due to factors such as port closures and Hong Kong's anti-epidemic measures, the rental prices of the entire district are affected.

..."It is 100 meters apart and it takes 28 days to travel." A driver who commuted to work in Shenzhen and Hong Kong described his isolation experience to reporters. Although geographically, Shenzhen and Hong Kong are less than 100 meters apart, they started from mid-April. To go to Shenzhen for work, Hong Kong needs to be isolated and observed in Hong Kong for 14 days. After arriving in Shenzhen to work, it needs to be isolated in Shenzhen for 14 days before returning to Hong Kong. One month has passed.

...In addition to the Luohu District, which has been greatly affected, the reporter, as a tenant, successively asked landlords and intermediaries in Nanshan District, Futian District, Baoan District and Longhua District, and found that Nanshan District and Futian District, which are at high rents, occupied themselves. Type rental apartments (different from public rental housing and low-rent housing) generally have a year-on-year increase in vacancy rate and a reduction in rent, but the range is not as high as that near Luohu Port, basically between 5% and 10%.

The rents in Bao'an District and Longhua District are relatively stable, and the rents of some apartments with prices not exceeding RMB 2,500 have even increased slightly. "It can be said that it is a kind of rental downgrade. Several tenants have asked me to find a cheaper house because of unemployment and a sharp drop in income." A rental agency told reporters that there are areas in Baoan District and Longhua District. The rent price is relatively low, such as a one-bedroom less than 2,000 yuan, so it has become a popular choice for tenants.
While the overall rental market in Shenzhen isn't as bad, the trend there and nationally is still down.
As of early June, the decline in rents in key domestic cities has not stopped. According to the data from Shell Search, in the first week of June, the rent level of the key 18 city rental market was 41.7 yuan/square meter, a decrease of 4.3% from May and a decrease of 5.2% from the same period last year.

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