Hong Kong's unaffordable housing is the stuff of legend, but some analysts see signs the property bubble's days are numbered.
"(The) affordability ratio and price-to-income ratio and panic buying behavior earlier this year all suggest that we are still in a bubble," Daniel So, a strategist at CMB International Securities, told CNBC. But he added: "We have reached the turning point," as banks begin to cut property valuations and developers cut sales prices on new dwellings.
A few years ago, so-called primary sales were priced at a 20-30 percent premium to secondary sales, but now there's not much difference between the two, So said.
The cost of housing in the special administrative region of China was a source of deep discontent even before Britain handed over the city to the mainland in 1997.
The Hong Kong Government, sensing increasing public anger over the issue, have introduced numerous cooling measures in recent years, including doubling the stamp duty, or property transaction tax, payable by many buyers, mainly non-permanent residents. It also raised down payment requirements, in some cases to 60 percent of the sales price.
But prices have still more than doubled since 2009, consistently ranking the city among the world's most expensive property markets.