In a press release on Thursday (18 July), Citi Hong Kong announced the results of its survey on residential property ownership in Hong Kong for the second quarter of 2019. The survey found that over 70% of the respondents felt that it is a bad or terrible time to purchase a home at the present moment.
The survey also revealed that the expectations of the respondents on the trend of home prices are roughly similar to those in the previous quarter, with many local residents still expecting a rise in home prices in the next 12 months.
However, despite the possible rise in home prices in the future, the respondents’ interest in home purchase did not seem to be greatly affected, with a quarter of young respondents expressing a 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. In fact, only 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 the respondents on the trend of home prices in Q2 2019 are more or less the same as the previous quarter, with 36% of them expecting the home prices to rise in the next 12 months, while 28% of the respondents expecting the home prices to fall 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
“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,” said Josephine Lee, Head of Retail Bank, Citibank Hong Kong.
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 home-ownership in Hong Kong, gauge public opinion on the subject of home-ownership and public expectations in terms of future housing price trends.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
You May Also Like

Police warn of fake COVID-19 related job postings by unlicensed moneylenders

The police cautioned members of the public to be wary of fake…

Former ASEAN Leader: Non-interference policy must be reviewed

  Former Malaysian Foreign Minister, Tan Sri Syed Hamid Albar, said ASEAN’s…

SPF introduces new police warrant card

From 1 March 2016 onwards, police officers from the Singapore Police Force…

贸易战冲突阴影 我国下半年增长料放缓

新加坡贸易与工业部今日(8月13日)发文告,预测今年国内生产总值(GDP)增长率介于“2.5至3.5巴仙”,至于第二季度经济成长为3.9巴仙,比上季度4.5巴仙放缓。 与上一季度2.2巴仙的增长相比,本季的季节性调整年化基础增长率仅达0.6巴仙。原本政府估计增长为1巴仙,而路透调查分析师预估中值为增长1.3巴仙。 根据《路透社》报导,新加坡第二季经济较前季增幅小幅下修,政府称今年下半年经济活动活动趋向温和放缓。由于全球贸易关系紧张,下半年GDP可能仅温和增长。 在2017年电子需求激增,推动全球贸易增长,作为依赖出口城市我国今年已面临增长的高标准。续去年拓展至3.6巴仙后,政府将今年经济增幅定在2.5至3.5巴仙之间。 新加坡贸工部指出,美国与其主要贸易伙伴报复性关税和全球主要央行加息,都令我国以出口为重的经济前景蒙上阴影。 虽然美国较高关税对本国出口的直接冲击很小,不过,贸工部不排除贸易冲突有进一步升级的可能。这将导致美国与其他经济体针锋相对的情况恶化。如此,全球商业和消费者信心会大幅下降,随之就是投资和消费支出大跌。 房产降温  建筑业表现平平 政府则预计国内下半年经济增长放缓,出口和制造业将在较低迷的水平,继续支撑经济增长。在上季度受公共服务项目拖累,加上不久前政府对房地产降温的政策,建筑行业估计仍会表现平平。 金管局副局长Jacqueline Loh称,下调2018年下半年增长预估,在预料之中,也在该局基线预测范围。温和的通胀压力预计仍会持续,但当前的货币政策立场是适宜的。他说,2018年核心通胀率,在金管局1-2巴仙预估区间的上半部分。 今年四月,该局六年来首次收紧货币政策,并计划在10月再做下个决定。并在上月上修了第一季国内生产总值。尽管对前景抱谨慎态度,但分析师称今年10月,也有可能进一步收紧政策。…