Hong Kong’s property market has shown clear cyclical patterns over the past 41 years, greatly affected by macroeconomic fluctuations, demographic changes, geopolitical issues, and government policy measures. Our research paper explores the main phases and key turning points in Hong Kong's real estate cycle from 1984 to 2025, focusing on macroeconomic drivers, market structure challenges, and the evolving supply-demand balance. It highlights how policy actions, fiscal measures, and geographic considerations have shaped these cycles, offering a detailed understanding of the market's complex behavior within the global economy. This paper discusses major market turning points, identifying common traits of critical moments to help citizens avoid missing opportunities during downturns, and provides suggestions for policymakers.