It is worth noting that three of the housing estates fell by about 20%, namely Heng Fa Chuen in Chai Wan, Tak Po Garden in Kowloon Bay, and Newport City in Ma On Shan, down 19.4%, 20.1% and 20.2% year-on-year respectively.

Wong Leung-sing, senior co-director of Centaline Property Research, pointed out that property prices have not stopped falling under the interest rate hike cycle.

In November 2022, Centaline's leading index of large urban estates (CCL Mass) fell by 14.3% year-on-year.

Among them, CCL Mass in Kowloon dropped the most, the overall year-on-year decline of 15.2%, of which the Kowloon Bay Depot Garden in November recorded a foot price of $ 14,733, a temporary drop of 20.1% this year.

The cumulative drop in the price of a square foot in Mei Foo Sun Chuen in Lai Chi Kok was 17.2%, while the cumulative drop in Whampoa Garden in Hung Hom was 15.1% and the cumulative drop in Metro City in Tseung Kwan O was 14.1%.

CCL Mass on Hong Kong Island also dropped by 14.9% year-on-year, with the prices of Heng Fa Chuen in Chai Wan, Taikoo Shing in Quarry Bay, Queen's Terrace in Sheung Wan and Xi Yan Hui in Wan Chai dropping by 19.4%, 17.2%, 12.9% and 10.4% respectively this year.

The overall decline in the New Territories was smaller.

Among them, CCL Mass in New Territories East dropped by 14% year-on-year, while the price of a square foot in Newport City, Ma On Shan and City One, Sha Tin dropped significantly, recording $14,434 and $14,548 in November, with a cumulative drop of 20.2% and 18.9% respectively for the time being this year.

New Territories West CCL Mass fell 12.7% year-on-year, the smallest decline among the four districts.

Among them, Tuen Mun City Plaza recorded a cumulative drop of 18.6% this year, with the price of a square foot in November at $12,225.

The price of a square foot in Kingswood Villas in Tin Shui Wai temporarily fell by about 10%, with a cumulative drop of 9.7%.

The smaller drop in price this year is 5.8% in Hai Tsui Garden in Tuen Mun and 2.3% in Park Island.