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7. Hong Kong - $2,060 per sq ft

The hardest hit prime real estate market in 2008 was the financial center of Hong Kong. One of the most densely populated areas in the world, it is also the world’s biggest loser when it comes to prime real estate prices. With Hong Kong’s high-end prices dropping -24.5 percent in 2008, the most dramatic moves of the year occurred in the final quarter, dropping a stunning -26.6 percent. Even with the losses, prime real estate in Hong Kong still makes the top 10, with prices o $2,060 per sq ft.

Photo: AP