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Citi Hong Kong Releases Results of Second Quarter 2019 Residential Property Ownership Survey

Update: July, 18/2019 - 04:15

More than 70% of the respondents said it is not a good time to purchase a home now

 

HONG KONG, CHINA Media OutReach - 18 July 2019 - Citi Hong Kong announced today the results of its survey on residential property ownership in Hong Kong for Q2 2019. The survey found that over 70% of the respondents felt that it is a bad or terrible time to purchase a home now. The expectations of the respondents on the trend of home prices are similar to those in the previous quarter. Many local residents are expecting a rise in home prices in the next 12 months. Respondents' interest in home purchase has not been completely affected, with a quarter of respondents expressing a very or rather strong interest in buying a property now.

 

More than 70% of the respondents said it is not a good time to purchase a home now


71% of the respondents felt that it is a bad or terrible time to purchase a home in Q2 2019. More than 70% of the young respondents aged between 21 and 29 felt that it is not a good time to purchase a home. 2% of the respondents in Q2 2019 felt that it is a good or excellent time to purchase a home, down from 4% in Q1 2019.

 

If you do not own any property now, taking into consideration your current

standard of living and family finances, do you think it is a good time to purchase a

home now?


Percentage of Respondents

 

Q1 

2018

Q2 

2018

Q3

2018

Q4

2018

Q1 

2019

Q2

2019

A good/excellent

time to purchase

3%

3%

2%

4%

4%

2%

Neutral

28%

24%

24%

29%

39%

27%

A bad/terrible

time to purchase

69%

73%

74%

67%

57%

71%

Base: All Respondents


Respondents' expectations on the trend of home prices are similar to those in the previous quarter


The expectations of local citizens on the trend of home prices have reversed in Q1 2019. More respondents are expecting that the home prices in Hong Kong will rise in the next 12 months. The expectations of the respondents on the trend of home prices in Q2 2019 are similar to those in the previous quarter, with 28% of the respondents expecting the home prices to fall in the next 12 months, while 36% of them expecting the home prices to rise in the next 12 months.

 

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


Percentage of Respondents

 

Q1 

2018

Q2 

2018

Q3

2018

Q4

2018

Q1 

2019

Q2

2019

Upward

64%

69%

38%

18%

42%

36%

Flat

25%

22%

33%

25%

35%

36%

Downward

12%

9%

29%

57%

24%

28%

Base: All Respondents


Nearly a quarter of young respondents are still interested in purchasing a home


Many local citizens are expecting a rise in home prices in the future without completely affecting the interest of respondents in buying homes. 25% of the respondents expressed a very or rather strong interest in buying a property in Q2 2019, still representing a high percentage in recent years. Nearly a quarter of the respondents aged between 21 and 29 have the same interest.


How interested are you in purchasing a property now?

Percentage of Respondents


Q1 

2018

Q2 

2018

Q3

2018

Q4

2018

Q1 

2019

Q2

2019

Very/rather

interested

20%

19%

21%

18%

26%

25%

Neutral

31%

31%

33%

33%

29%

28%

Very/rather

uninterested

49%

50%

46%

49%

45%

47%

Base: All Respondents


Josephine Lee, Head of Retail Bank, Citibank Hong Kong, said, "The results show that many local citizens are expecting that the home prices will continue to rise, they still have certain interests in buying a home. We recommend that potential home buyers should first measure their home affordability, comprehensively assess their financial situation and burden, and choose a suitable mortgage plan."

 

Citibank commissioned The University of Hong Kong Social Sciences Research Centre to conduct the survey, interviewing over 500 Hong Kong respondents by phone in June 2019. Since 2010, Citibank has conducted a quarterly survey on the housing market to assess the current state of homeownership in Hong Kong, gauge public opinion on the subject of homeownership and public expectations in terms of future housing price trends.


Source: Citibank Q2 2019 Residential Property Ownership Survey


Citibank

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