HONG KONG, CHINA – Media OutReach – 4 August 2020 – Citi Hong Kong conducted a survey in June this year on the impact of COVID-19
on residential property ownership in Q2 2020, gauging residents’ attitudes
towards residential property ownership as COVID-19 unfolded. According to the survey:
Property market
sentiment has improved, with rebounded interest in buying properties
The survey in Q2 2020 indicated a relative calm sentiment in the property
market with positive changes observed in important indicators, including the
judgment on the time of property purchasing, the views on the trends of property
prices and the interest towards property buying. In this quarter, although a
considerable proportion of respondents considered now a bad/terrible time to
purchase a home, more than 10% of the respondents considered now a
good/excellent time to do so, representing a slight increase from the previous
quarter and the percentage remained at its highest level in nine years. As for
the trend of property market, respondents who anticipated property prices to
rise, remain flat and fall next year were evenly split, with each option accounting
for 33% to 34% of all respondents. Compared with the previous quarter, the number
of respondents expecting property prices to rise in this quarter has doubled,
while the number of respondents expecting property prices to fall has decreased
significantly. Meanwhile, the overall interest in purchasing a property has
rebounded over the past two quarters, with more than one-fifth of this
quarter’s respondents suggesting they were interested in buying a home.
If you do not own any property now, taking into | |||||
Percentage of Respondents | |||||
| Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 |
A good/excellent time to purchase | 2% | 3% | 5% | 10% | 11% |
Neutral | 27% | 29% | 34% | 38% | 35% |
A bad/terrible time to purchase | 71% | 68% | 60% | 52% | 53% |
Base: All
Respondents
How do you think home prices will trend in the next 12 | |||||
Percentage of Respondents | |||||
| Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 |
Upward | 36% | 18% | 21% | 16% | 33% |
Flat | 36% | 26% | 32% | 28% | 34% |
Downward | 28% | 56% | 46% | 57% | 33% |
Base: All
Respondents
How interested are you in purchasing a property now? | |||||
Percentage of Respondents | |||||
Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | |
Very/rather interested | 25% | 20% | 16% | 17% | 21% |
Neutral | 28% | 29% | 27% | 31% | 27% |
Very/rather uninterested | 47% | 51% | 57% | 52% | 52% |
Base: All
Respondents
COVID-19’s impact
on attitude towards property market is diminishing
According to the survey, the respondents’ feedback over the impact of COVID-19
on the property market this quarter was less than that in the previous quarter.
Respondents in this quarter anticipated property prices at the end of the year
would be similar to that at the beginning of the year taking into account COVID-19’s
impact, which was expected to only knock 5% off the property prices at most.
“The results show that the public is beginning
to regain their confidence in purchasing residential property” said Josephine Lee, Head of Retail Bank, Citi Hong
Kong. “As the
overall property market sentiment improved in the second quarter of this year
and the number of respondents expecting property prices to rise has doubled,
the property market’s development is gradually returning to normal. We suggest that interested homebuyers comprehensively assess their financial position
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 June 2020. 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 Q2 2020
Residential Property Ownership Survey
Citi,
the leading global bank, has approximately 200 million customer accounts and
does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management.
Additional
information may be found at www.citigroup.com | Twitter: @Citi | YouTube:
www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
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