13% Hongkongers think it is a ‘good time’ to buy property, second highest level of optimism on record, Citi survey shows

According to a study conducted by Citi Hong Kong, the proportion of Hongkongers who believe it's an opportune time to purchase a house has declined by three percentage points in September from the previous year. However, this is the second most optimistic outcome recorded in the past 11 years. The survey, conducted in September, revealed that 13 percent of respondents consider it an ideal time to invest in a home, a decrease from 16 percent the previous year. The survey, conducted via telephone and street interviews with 1,100 individuals, also discovered that fewer residents anticipate an increase in housing prices over the next 12 months. In the 2021 survey, only 4 percent of respondents believed it was an ideal time to buy a house.

Only 10 percent of those surveyed believed that prices would increase, a decrease from 12 percent the previous year, while the percentage of those who anticipate prices to fall has risen to 57 percent from 51 percent. Since 2010, Citi has been conducting this survey to evaluate the state of home ownership in Hong Kong, gauge public sentiment regarding home ownership, and track public expectations of future housing price trends.

When asked about the ideal property price, respondents interested in home ownership suggested a median price of HK$5 million (US$640,000), significantly lower than the current median housing price in Hong Kong. Based on average prices in the city, a dwelling could cost between HK$4. 67 million and HK$59. 2 million. The city's residential market has been struggling with a downturn as lived-in home prices fell by nearly a fifth in October from a peak in September 2021, according to the latest official data. Meanwhile, new residential launches have also seen developers pricing their flats at close to six-year lows.