Don’t fall for the myth that property prices will always go up unless you are buying and keeping it for a very long time.
An article from South China Morning Post talks about Hong Kong people who seem to think property prices will only go up. The reason is that Hong Kong banks do not lend to just anyone. They exercise prudent financial management in times of crisis.The article also mentioned that Americans were allowed and even encouraged to take on housing loans they couldn’t afford, and thus it was not possible to expect them to continue paying as soon as prices started dropping. This triggered the Sub-Prime mortgage crisis.
This is why the market is still full of “prime” borrowers and the potential for a “sub-prime” crisis like that in the US is unlikely to happen.