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Citi Hong Kong Releases Results of 2018 Residential Property Ownership Survey

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

 

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

The number of
respondents who expected home prices in Hong Kong to fall in the next 12 months
has 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.  In
comparison, the number of respondents who expected home prices to rise was down
significantly 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 Hongkongers
said it is not a good time to purchase a home

According to the latest
survey, the percentage of respondents who felt that it is not a good time to
purchase a home, while still considered to be quite high, was down from 74% in
Q3 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

 

Over
60% of non-homeowners not hopeful about buying first home in 10 years 

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

 

Since 2010, Citibank has
commissioned the HKU Social Sciences Research Centre to conduct 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.  The data of this survey is collected through
telephone interviews conducted at the end of each quarter using random digit
dialing, with over 500 respondents interviewed in each quarter.

 

Source:
Citibank 2018 Residential Property Ownership Survey

 

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