Many property owners does not think prices will drop drastically. It may retreat a few percent in the short run but in mid to long term will definitely rise. I won't discuss their logic here but I will tell you the reason everyone seems to predict drop rather than rise. Because most wealthy property owners like to keep quiet about their wealth and stay diplomatic. I can only say that I serve wealthy clients owning interests in hundreds of millions or even billions in property, gold, cash, stock and bonds. They may have different opinions about the property prices, some say drop, some say rise. But if you ask them if they have sold any property lately, they will all ask you "why should I sell? I live fine and I don't need an additional 10 million in my pocket now. I just bought a flat a few minutes ago while walking by a promotion" (true stories by the way)
And I can tell you that these people exist and there are more than 100,000 of these individuals on Hong Kong, with minimum wealth of 100mil. And I repeat, the poorest of this group has net wealth of 100mil. (disclaimer I wish I was one of them but I'm not. I only serve them.)
And they would only tell someone like me about this because in my business I already know they are wealthy. If some random ask them on the street about the same question what do you think their answer will be?
I would like to thank Dr. Tong and other contributors here for sharing their experiences, because they are certainly a few out of 100,000 who is actually willing and brave to share their views.
And I sincerely wish all the non property owners good luck. Because betting property prices go down is not very wise in life because you will never know when and how much it will drop. And one day you might get tired of waiting and buy at the peak. In any case, at least keep your own dwelling. Yes it is difficult but I tell you in the end it will be worthwhile.
