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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
