4 August 2014 - Foreign corporations have been bringing in fewer expatriate executives to Hong Kong and have reduced housing budgets in recent years. Increasingly conservative budgets at multinational firms, whose employees are the usual drivers of the third-quarter luxury-leasing spike, have also manifested themselves in reduced demand for the city's most expensive real estate.
A real estate agent commented that the demand of high-end leases above HK$ 80,000 a month faced a big decline by 30% to 40% over the past two years. Many expats are now looking at more affordable luxury property rentals.
Data also showed that rents in comparatively less expensive neighborhoods rose in the years after the financial crisis. In Happy Valley and Discovery Bay, both popular expatriate neighborhoods, rates rose 8% and 17% respectively, showing the increased demand for this type of housing across the city.
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