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HONG KONG, CHINA - Media OutReach - 9 December 2019 - Citi Hong Kong
announced today the results 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.
How do you think home prices will trend in the next 12 | ||||||
Percentage of Respondents | ||||||
| Q4 2018 | Q1 201 9 | Q2 201 9 | Q3 201 9 | Q4 2019 | |
Upward | 18% | 42% | 36% | 18% | 21% | |
Flat | 25% | 35% | 36% | 26% | 32% | |
Downward | 57% | 24% | 28% | 56% | 46% |
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.
How interested are you in purchasing a | |||||
Percentage of Respondents | |||||
Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | |
Very/rather | 18% | 26% | 25% | 20% | 16% |
Neutral | 33% | 29% | 28% | 29% | 27% |
Very/rather | 49% | 45% | 47% | 51% | 57% |
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.
If you do not own any property now, taking into | |||||
Percentage of Respondents | |||||
| Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 |
A good/excellent time to purchase | 4% | 4% | 2% | 3% | 5% |
Neutral | 29% | 39% | 27% | 29% | 34% |
A bad/terrible time to purchase | 67% | 57% | 71% | 68% | 60% |
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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