Interest in house purchasing among locals dipped to 13 percent in the third quarter of this year
The Residential Property Ownership Survey by Citi indicated that interest in house purchasing among Hongkongers dropped to 13 percent in Q3 2021, reported Hong Kong Business.
This decrease is a one percent decline from Q2 and a 17 percent dip from the same period last year.
According to the report, the 13 percent figure represents around 317,000 people who property hunted in August or September this year.
Amongst the survey participants, 55 percent saw 2021 as an unsuitable time to purchase a house, and only a mere four percent said it was a good time.
Citi mentioned that the lower optimism for the quarter signifies a “wait-and-see attitude” amongst homebuyers.
Individuals aged 21 to 24 showed the highest interest in house purchasing, with the average age of first-time buyers at 31.
Those who expressed interest in buying homes said the average price of a property that can meet their accommodation needs at USD5.8 million, 115 percent higher than the estimate 10 years ago at USD2.7 million.
Respondents believe property prices will rise for the whole year of 2021 at 42 percent, and the coming year at 38 percent.
Josephine Lee, head of Retail Bank at Citi Hong Kong, said, “We recommend that young people interested in buying a property start reviewing their asset allocation as soon as possible, accumulating their wealth and gradually becoming empowered to realise their aspirations in home buying.”
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