Citi Hong Kong Releases Results of 2018 Residential Property Ownership Survey

December 13, 2018 - 08:34
Citi Hong Kong Releases Results of 2018 Residential Property Ownership Survey

HONG KONG, CHINA - Media OutReach - 13 December 2018 CitiHong Kong announced today theresults of its annual survey on residential property ownership in Hong Kong.The bank commissioned The University of Hong Kong Social Sciences ResearchCentre to conduct the survey,interviewing over 500 Hong Kong respondents by phone in the fourth quarter of2018.

 

Over half of respondents expect home prices tofall in the next 12 months 


The number ofrespondents who expected home prices in Hong Kong to fall in the next 12 monthshas increased drastically since the second quarter of this year.  That percentage went up from 9% in Q2 to 29%in Q3, and further rose to 57% in Q4.  Incomparison, the number of respondents who expected home prices to rise was downsignificantly from 69% in Q2 to 18% in Q4. Overall, 71% of respondents said they hoped home prices will fall. 

 

How do you think home prices will trend in the next 12 months?

Percentage of Respondents

 

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Upward

55%

63%

64%

69%

38%

18%

Flat

34%

27%

25%

22%

33%

25%

Downward

11%

10%

12%

9%

29%

57%

Base:All Respondents

Source:Citibank 2018 Residential Property Ownership Survey


Two-third of Hongkongerssaid it is not a good time to purchase a home


According to the latestsurvey, the percentage of respondents who felt that it is not a good time topurchase a home, while still considered to be quite high, was down from 74% inQ3 to 67% in Q4.

 

If you do not own property, taking into consideration

your current standard of living and family finances,

do you think it is a good time to purchase a home?


Percentage of Respondents

 

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

A good/ excellent time to purchase 

5%

3%

3%

3%

2%

4%

Neutral

27%

22%

28%

24%

24%

29%

A bad/ terrible

time to purchase

68%

75%

69%

73%

74%

67%

Base:All Respondents

Source:Citibank 2018 Residential Property Ownership Survey

 

Over60% of non-homeowners not hopeful about buying first home in 10 years 


Amongthe non-homeowner respondents, 63% were not hopeful that they will be able toafford a residential property in 10 years, and instead of saving for a downpayment, 45% said they would rather spend the money on things such as holidaysabroad and dining out.  The key reasons forwanting to purchase a home include the need for personal living space (56%), investmentpurposes (51%), and improving existing living environment for family and self(38%). 

 

Since 2010, Citibank hascommissioned the HKU Social Sciences Research Centre to conduct a quarterlysurvey on the housing market to assess the current state of homeownership inHong Kong, gauge public opinion on the subject of homeownership and publicexpectations in terms of future housing price trends.  The data of this survey is collected throughtelephone interviews conducted at the end of each quarter using random digitdialing, with over 500 respondents interviewed in each quarter.

 

Source:Citibank 2018 Residential Property Ownership Survey

 


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