The worsening global financial crisis has hit the Asian property market across the board over the past six months with cities such as Hong Kong and Singapore suffering the sharpest falls in prices.
Seoul, Kuala Lumpur and Jakarta have been less affected since property supply in these markets was tight when the crisis struck.
With confidence badly dented and credit lines drying up across the region, it will take at least 12 to 18 months for property markets to start recovering. Hong Kong, the mainland and Japan are tipped to rebound in 2011, according to analysts.
'All markets have corrected to varying degrees. But Singapore and Hong Kong corrected significantly in the residential and commercial sectors, with both falling 25-30%. That is a pretty big correction,' said Piers Brunner, the chief operating officer of Colliers International's Asia office.
South China Morning Post