The phenomenon of ???to buy is cheaper than to rent??? also emerged between 2001 and 2003 but the situation was markedly different from the current development. Both property prices and rents fell during the previous period against the continuous interest rate cuts. Average monthly rents of major estates decreased by 26.8% from $14.2 per square foot in early 2001 to a low of $10.4 per square foot in 2003. During the same period, average prices dropped by a sharper 31.6% from $2,711to $1,854 per square foot. However, it failed to provide any significant boosting effect to the property market as a result of weak economic performance, high unemployment rate, salary cuts, deflationary pressure and unfavourable government policies.