And it may drop even lower by 2013 - but by how much?
In a Bloomberg report, Andrew Lawrence, head of property sector research at Barclays Capital Asia said that prices may fall as much as 30 percent by 2013 on rising mortgage rates.
On the other hand, Standard Chartered noted that HK home prices may need to fall as much as 10 percent in 2012 before buyers are lured back.
Bloomberg noted that Hong Kong home prices slid to a six-month low in early November while the number of housing transactions the previous month fell to nearly a three-year low.
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