The private property price index for November fell for the sixth month in a row, plunging 3.33% month-on-month, the biggest monthly drop in 14 years, the Department of Differential Valuation announced yesterday.

Some analysts even believe that after the normal customs clearance between the two places, the Hong Kong property market will break out early next year, the first quarter of the transaction volume will be significantly rebounded by 15% compared to the fourth quarter of this year, property prices will also take advantage of the momentum to stop falling and stabilize, the annual property prices are expected to rise by 5% to 10%.

The SAR Government announced yesterday a number of enhanced epidemic prevention arrangements, including the abolition of the Vaccination Permit and Quarantine Order, and the removal of the definition of "close contacts", as well as the withdrawal of most social distance measures.

Midland's Chief Executive Officer (Hong Kong and Macau), Mr. Brahms, said yesterday that the Government's succession of optimisation measures in the short term was tantamount to announcing that Hong Kong was "back to normal", which would help accelerate its connectivity with the Mainland and overseas to keep pace with global development.

In view of the fourth quarter of Hong Kong's frozen residential transactions, local purchasing power has been accumulating for a long time, waiting to enter the market; coupled with the three years of Hong Kong's control of customs, mainland purchasing power is also suppressed, with the normal customs clearance between the Mainland and Hong Kong is imminent, it is believed that a large number of mainland tourists will be attracted to visit Hong Kong during the Chinese New Year, stimulating the circulation of "people and wealth" and property market transactions, is expected to property market purchasing power early next year will be a "revenge" rebound, triggering the property market "great spring".

Mr. Bo pointed out that as good news continues to emerge, property owners are regaining confidence, with individual owners narrowing their bargaining range, and the number of "super low priced shoots" selling on the street is less and less, reflecting that the property market is moving towards "normalcy".

He estimated that the first quarter of next year, first and second-hand transactions will rise much faster than before, with first-hand sales rising by about 3.8 times quarter-on-quarter to 4,000, and second-hand sales rising by about 50% to regain the 12,000 level.