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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