Hong Kong is one of the most volatile residential markets in the world. the prices in the residential market often deviate from the fundamentals. This study focused on the prices over the period 2003 to 2016. The rationale behind selecting the period was the land reforms in 2003, which were expected to correct the price.
Multiple bubbles were found over the observation period and a bubble was even found at the end of the observation period in November 2016.

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