HK's huge property gains may reverse in 2016

Singapore

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 per cent this year, according to a report by Knight Frank LLP of 10 global cities that was released on Tuesday. Of the 10 cities analysed, Hong Kong, Singapore and Paris are the three expected to see price declines this year.