"If you look at Hong Kong's property market, historically, basically when the U.S. economy catches a cold or sneezes, Hong Kong's property market is going to catch a cold," Ma told CNBC.

That "dim outlook" on the city's property comes amid a possible U.S. recession and China -U.S. trade tensions, Denis Ma, head of research at Jones Lang LaSalle, said Tuesday.

The future for Hong Kong's property market is bleak, according to a commercial real estate services researcher.

Residential units are seen clustered tightly together in an apartment complex in the Quarry Bay area of Hong Kong.

Property is regarded as critical to Hong Kong's financial stability. The real-estate sector is tracked as an indicator of the health of the wider Hong Kong economy and banking sector, according to the Hong Kong Monetary Authority.

The U.S. economy is one factor that could weigh on the Hong Kong property market, said Ma.

Analysts have suggested a looming recession could befall the U.S. in the year ahead. Last week, Morgan Stanley economists said there is a "credible bear case" for a recession, and set their estimates for such a downturn at 20%.

Similarly, the Federal Reserve Bank of New York's recession probability indicator estimated a 33% chance of a U.S. recession by June 2020.

Despite that, Federal Reserve Chairman Jerome Powell said the Fed's 25-basis-point rate cut yesterday was not the start of a cutting cycle — as in a recession.

"When you think about rate-cutting cycles, they go on for a long time and the committee's not seeing that. Not seeing us in that place. You would do that if you saw real economic weakness and you thought that the federal funds rate needed to be cut a lot. That's not what we're seeing," Powell said.