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Respondents generally stick to a wait-and-see attitude towards the property market, with a significant decrease in the percentage of respondents expecting home prices to fall
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HONG KONG, CHINA - Media OutReach - 9 December 2019 - Citi Hong Kong announced today the res
ults of its survey on residential property ownership in Hong Kong for Q4 2019. According to the survey:
Sharp decline in percentage of respondents expecting home prices to fall
The results of the latest survey show that 46% of the respondents were expecting home price in Hong Kong to fall in the next 12 months, showing a significant decrease of 10 percentage points from the preceding quarter. In comparison, the percentage of respondents expecting home prices in Hong Kong to rise or stabilize in the next 12 months has increased from the preceding quarter, reflecting a lower percentage of respondents holding bearish views of the property market.
Base: All Respondents
Nearly 60% of respondents expressing low-level of interest in residential property ownership
57% of the respondents were very / rather uninterested in purchasing a property, with the percentage seeing a continued rise since Q1 2019. While 16% of the respondents have a keen interest in purchasing a property, slightly lowered by 4% from last quarter.
Base: All Respondents
A fall in percentage of respondents who did not consider now a good time to purchase a home
In line with the views of the majority of respondents in recent years, 60% of the respondents in the Q4 2019 survey considered now a bad / terrible time to purchase a home. Though still representing a majority view, the percentage of bearish respondents was down by 8 percentage points from the preceding quarter. Those considering now a good / excellent time to purchase a home accounted for 5% of the respondents.
Base: All Respondents
Josephine Lee, Head of Retail Banking, Citi Hong Kong, said, "The results show that although most respondents were expecting property prices to fall in the next 12 months and did not consider now a perfect time to buy a home, the percentage of respondents holding this view has declined by about 10 percentage points from the preceding quarter. The interest level in home ownership has also dropped compared with the preceding quarter, reflecting a continued wait-and-see attitude towards the property market outlook. We suggest that interested homebuyers comprehensively assess their financial situation and choose a mortgage plan that best meets their needs."
Citibank commissioned The University of Hong Kong Social Sciences Research Centre to conduct the survey, interviewing a random sample of over 500 Hong Kong respondents by phone in October 2019. Since 2010, Citibank has been conducting quarterly surveys on the Hong Kong housing market to assess the current state of home ownership in the SAR, gauge public intentions towards home ownership, and track public expectations of future housing price trends.
Source: Citibank Q4 2019 Residential Property Ownership Survey
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