He expects a period of consolidation for the residential sector after "being on the up" for around 10 years, forecasting a 10-15 percent price decline in 2014.
(Read more: Where's the next property bubble building?)
BNP Paribas also noted strong sales of high-end projects in prime locations, with 100 percent take-up of the units launched over the weekend; on November 2-3, 247 units sold in the primary market, up 19.3 percent from the previous weekend.
"Attractive pricing has attracted strong demand from buyers. We expect developers to accelerate high-end launches," it said in a note.
Doomsayers, however, are sticking by their guns.
"That first round of price cutting has been effective and we've been able to draw some demand, but as we continue to see more and more of these price cuts come through, we'll see demand start to pull back," Paul Louie, an analyst at Barclays, told CNBC. "Buyers will return to the sidelines. They'll wait for the better deals."
(Read more: Singapore's wealthy help drive global property demand)
He also noted household incomes in Hong Kong are stalling, while property purchase prices are running around 13.3 times income, higher than in 1996-1997.
"In order to maintain that unaffordability, the hope value that people's income can catch up over time is very important. But as income begins to stall, that unaffordability is going to become very real for a lot of people," he said.
Louie has forecast an at least 30 percent drop in home prices by the end of 2015, with knock-on effects to send office property prices down 20 percent and stall retail properties with zero growth.
— By CNBC's Leslie Shaffer. Follow her on Twitter: @LeslieShaffer1