Over half of private homeowners extremely worried as property prices plunge

They're afraid that homes won't retain their value.

Owners of private homes are terrified that their costly properties will become painfully devalued if property prices continue to decline, according to a survey by iProperty.

The survey showed that 58% of homeowners believe that their properties will not retain their value in the second half of the year.

This is in line with the expected price plunge in the local property market, the survey said.

Over one in three respondents, or 33%, expect that resale private condominiums will see the steepest price decline in the next few months.

Another 27% believe that non-landed luxury homes will see the largest price drop, while 13% think that new private condominiums will become cheaper in coming months.