Are we seeing a turn around in Hong Kong's property market?

Centa-City Leading Index (CCL), an indicator to reflect secondary private residential property price, showed that Hong Kong's property prices have dropped by 11% from the peak level seen in Q3 2015. Data clearly shows the sentiment in Hong Kong's property market has deteriorated.

Financial industry dominates Hong Kong's economy and uncertainties over CNH market developments clouds the growth outlook. Capital outflows triggered by China's slowdown and more frequent market turmoil in the past few years has created overall economic softness across Greater China region and hit sentiment across the property market. 

"While it is still too early to say that whether the property market has turned around, we believe that this is in line with overall economic softness across Greater China region." said Commerzbank in a report.