FLAT owners in Hong Kong watched as the value of their property slipped again last month. The latest survey by property consultants Brooke Hillier Parker (BHP) shows asking prices for flats in Mid-Levels, Ap Lei Chau and Pokfulam dropped slightly in November, but have still risen strongly over the past year as a whole. The luxury residential market in Mid-Levels recorded some of the highest price rises when the territory's property market boomed earlier this year and, despite seven months of dampened sentiment, values at the top end of the Mid-Levels market have risen by 66 per cent in the year to November. Last month's survey by BHP indicates that asking prices in Mid-Levels developments including Dynasty Court, Estoril Court, Lyttelton Garden and Robinson Place, dropped by nearly two per cent from $9,368 per square foot to $9,186. With a drop in prices close to three per cent, Pokfulam recorded the biggest monthly decline, with the average asking price now at $4,701 per square foot compared to $4,848 per sq ft in October. On an annual basis, Pokfulam estates such as Chi Fu Fa Yuen, Pokfulam Garden and Baguio Villa also recorded the smallest price increase with a rise of 30 per cent. The secondary market at Ap Lei Chau's South Horizons also fell slightly in November, prices dropping by $133 per sq ft. The average asking price is now $5,489 per sq ft. The south side of Hong Kong island was the only district to record an increase. Last month, average asking prices of flats at Island South developments including Grand Garden, Parkview, Pacific View and Redhill Peninsula were $8,828 per sq ft, a half per cent rise from the October's $8.785 per sq ft. Prices in Hong Kong's second-hand flat market have fallen steadily since April when the Government introduced measures to curb the price spiral. Analysts now believe the residential market will remain subdued at least until the end of the first quarter next year.