Property buyers hunt for bargains in Tung Chung, Tsing Yi and Discovery Bay as Cathay Pacific staff leave Hong Kong
- Anxious property sellers are willing to offer bigger discounts amid shrinking demand
- While sellers are willing to offer discounts of between 3 and 5 per cent, agents expect it to widen by up to 10 per cent as the market deteriorates further
Bargain hunters can expect bigger discounts on property in districts close to Hong Kong airport, as foreign pilots and flight attendants leave the city amid mass lay-offs at Cathay Pacific group.
Market observers say that areas like Tung Chung, Tsing Yi and Discovery Bay that were popular with the airline’s employees could bear the brunt of the downturn. With the airline unlikely to resume full fledged operations until the coronavirus pandemic is brought under control, prices and rents in the area will come under further pressure, they added.
Anxious sellers have cut prices of flats in Tung Chung, the district closest to the airport, by 3 to 5 per cent in the wake of the lay-offs, agents said. They expect prices to decline by up to 10 per cent in the next six months.
Simon Choi, district sales manager at Centaline Property Agency, said that with the government’s Employment Support Scheme about to end, many more sectors might start laying off employees, cut salaries or adjust employment terms, which might further affect the housing market.