Rents dropped in Dublin in the wake of COVID-19. Supply increased as assignees left the city and new rental stock entered the market. The collapse in tourism has forced owners of short-term Airbnb properties to shift to the long-term market, further increasing supply.
Rent in Hong Kong is notoriously among the highest in the world. In the face of a global pandemic preceded by a year of protests, rents have indeed dropped but remain high on a global scale. Price changes impacted upper-end housing the most, especially based on the area and neighborhood.
Although China has continued to suspend the entry of most foreigners, Shanghai’s expatriate-quality rental market was strong over the past months, primarily due to strong demand from wealthy locals.
While many parts of the world are struggling to contain the COVID-19 outbreak, Wuhan is now back to business as usual. The lockdown was lifted in April and there have been no local cases since May.
Heung Gong – the Cantonese translation of Hong Kong means “Fragrant Harbor,” a name inspired by the city’s past as an incense trading port.
AIRINC recently conducted rental market updates across Europe and Asia and, in many places, life was getting back to normal.
The impact of COVID-19 on the Beijing and Guangzhou rental markets is somewhat similar. When new international assignees were restricted from entering the cities, the demand for expatriate-quality housing dropped and rents became more negotiable, like many other large business hubs across Asia.
The scenarios are eerily similar: Onlookers filming an initial explosion and fire, before a more severe explosion and shockwave sends them running and knocks them off their feet. Ammonium nitrate. Dangerous storage at an industrial port.
After eight weeks without any domestically transmitted coronavirus cases, Beijing now faces more than 180 new COVID-19 cases over the last five days. Authorities believe this recent outbreak originated at the Xinfadi wholesale farmer’s market in Fengtai District.
Relocating is already a challenge, but relocating during a pandemic adds a new level of difficulty. After years of surveying based in AIRINC’s Cambridge office, I was honored to accept a position at our Hong Kong branch late last year. From the beginning, I was excited to move to a vibrant global city, but the logistics proved more challenging than expected as a novel coronavirus (at the time still unnamed) spread in January. Even before being declared a pandemic, COVID-19 was having a broad and unpredictable impact across the globe.