Local property market holding up

Property prices will fall by 5 percent next year as the unemployment rate continues to rise, a realtor predicts.

In luxury housing, although the trend is weak, there are opportunities for mainland buyers to return, said realtor Knight Frank. The luxury market will drop by between 0 to 5 percent.

Knight Frank executive director, head of valuation and advisory, Thomas Lam, said developers have to be conservative in their bids for land.

He said that after more than a year and a half of social unrest and the adverse impact of the coronavirus pandemic, the property market is resilient.