Hong Kong's Gravity-Defying Property Gains May Reverse in 2016
- Knight Frank expects Hong Kong to be weakest prime market
- Luxury residential prices may drop 5% in 2016, report says
A man jogs past residential buildings in Hong Kong, China.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The Hong Kong property market’s gravity-defying climb to records may be set for a reversal this year.
Hong Kong is forecast to overtake Singapore as the weakest-performing luxury residential market, with prime property prices declining an estimated 5 percent this year, according to a report by Knight Frank LLP of 10 global cities that was released Tuesday. Of the 10 cities analyzed, Hong Kong, Singapore and Paris are the three expected to see price declines this year.