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Citi Hong Kong Releases Results of 2018 Residential Property Ownership Survey


Redaksi | Kamis,13 Desember 2018 - 16:04:43 WIB
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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.


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