The outlook for Hong Kong's property market has shifted significantly, moving from a non-consensus forecast to industry standard. Initial skeptics may be overlooking the strong signs of recovery within the city's real estate sector.

Hong Kong’s real estate market has come a long way in the past year. For a sign of the extent to which its outlook has improved, look no further than the rapid shift in expectations for the growth in house prices this year. As recently as January, Morgan Stanley characterised its prediction of a 10 per cent rise in secondary home values as a non-consensus call. Fast forward to today, and its forecast is in line with those of most other industry experts. The outlook for the city’s office market.....