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Hong Kong has been a magnet for expats since the days of British rule and Asian financial centre is still a big draw for expats working in that industry. All this inward migration of skilled workers has meant sky rocketing property prices.
Hong Kong has some of the most expensive property in the world and now expats are starting to leave the central business district for cheaper apartments in more outlying areas.
Commercial enterprises have already started deserting the area and now residents are following them. Already one of the most densely populated territories in the world the moves should provide a much appreciated cooling of the Hong Kong property market.
"High demand and limited space have kept rents high for this type of property for some time now, and that remains the case," said Lee Quane, ECA International's regional director for Asia.
"Nevertheless, we have observed fluctuations as confidence in the financial sector - the source of a good deal of demand for high-end property - ebbs and flows due to uncertainty in the euro zone.
"The rise and fall in expatriate numbers as a whole also contributes to fluctuations,
"Expatriates often gravitate towards particular areas of cities because of the location of international schools, embassies or social focal points.
"These tend to be the more expensive, prestigious areas in a city,"