Is the residential a rigid demand product?

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Is the residential a rigid demand product?

I often hear some property critics say that the Hong Kong residential market is in rigid demand and everyone must buy it. Purchase at any price must be correct, even though it is more expensive.
Baidu what does "a necessary product" mean?
"Necessary product stands for rigid demand; it specifically refers to the demand that is basically not affected by price factors in the supply and demand relationship of commodities, and condenses the basic demand in the market economy."
Now that property prices in Hong Kong in 2023 are falling, sales figures are also falling. Can it be understood that the residential market is not a necessary product, not in rigid demand?
That is to say, the residential is not a rigid demand, but is it just declining?
／10 2023