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.

http://www.salary.sg/2008/hong-kong-...rices-plunged/