Property prices in Hong Kong nosedived 10% in the past 3 months, and are likely to drop a further 10% by year end.
You heard it right – a 20% decline in HK housing prices. This is according to a report from HK China News Agency (see Zaobao.com article).
A $1m house will now sell for $800k.
What about Singapore?
Turns out that my humble, er, prediction was way off target. 🙂
The property prices here are still obstinately holding up well. [Update: URA just released its Q3 2008 flash estimates. Prices of condos and apartments in Singapore have declined by 1.8%.]
I say, give it another 3 months. I hope I’ll be second time lucky.