Thanks very much for your wishes! Well for me I will be around for quite a while (my wife's family is here and her career is based in HK, so a bit tough to leave). So I figured why not if I could afford something. And I totally resonate with what you said about 'missing the boat'. There were only a few times in the last few decades where buying a property in HK would have built up significant wealth for that person. I remember a few friends and family were all pulling their hair out missing the boat (usually the dips last for very short periods of time). Once it's gone, it's gone - and you have to wait for the next dip which takes quite a while (based on history).
I was thinking about doing a fixed rate mortgage, but I opted for HIBOR knowing that there will be some interest rate increases in the coming months/year. I was betting that the inflation situation would resolve itself in the near/mid future once the COVID pandemic settles, supply chains improve, and of course I pray for the UKR war to stop (more for the sake of humanity). Although I'm no economics major, I think this is more of a supply-led inflation (i.e. demand hasn't changed, it's the lack of supply that's causing prices to rise). Once supply fixes itself, I feel that with the sudden jolt of increasing interest rates, mixed with low demand for goods & services, it will then tilt the scale the other way and interest rates will suddenly drop again.
At least this is my thoughts on the situation. But who knows, it's anyone's guess and gamble. Here's hoping they dont increase the interest rates too crazy.