Citi Hong Kong Releases Results of Second Quarter 2020 Residential Property Ownership Survey

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

List of First Bank of Nigeria Sort Codes in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...
- Advertisement -

Overall property market sentiment improves as the number of people expecting higher property prices next year doubles

 

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:

  • More than 10% of the respondents considered it
    a good/excellent time to buy a home at this moment, representing a slight
    increase from the previous quarter, and remains the highest percentage in
    nine years.
  • The public were split on the trend of property
    prices. In this quarter, the proportion of respondents who considered that
    property prices will rise in the next 12 months has doubled as compared
    with the previous quarter, and the number of respondents who expected
    property prices to fall has decreased significantly.
  • The overall interest in purchasing residential
    property over the past two quarters has rebounded, with more than
    one-fifth of this quarter’s respondents interested in buying a home.
  • Compared to the figures in the first quarter
    and the second quarter, the impact of COVID-19 on the attitude towards the
    property market in the second quarter has eased. Respondents 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 property prices at most.

- Advertisement -

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.

- Advertisement -

If you do not own any property now, taking into
consideration your current standard of living and family finances, do you
think it is a good time to purchase a home now?

Percentage of Respondents

 

Q2 2019

- Advertisement -

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%

Read Also:  Aruba: Network as a Service Adoption to Accelerate by 38% within the Next Two Years as Businesses Adapt to Covid-19

Base: All
Respondents

 

How do you think home prices will trend in the next 12
months?

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

About Citi

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

Citi Hong Kong Releases Results of Second Quarter 2020 Residential Property Ownership Survey

- Advertisement -
Citi Hong Kong Releases Results of Second Quarter 2020 Residential Property Ownership Survey - Brand SpurCiti Hong Kong Releases Results of Second Quarter 2020 Residential Property Ownership Survey - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -
Citi Hong Kong Releases Results of Second Quarter 2020 Residential Property Ownership Survey - Brand SpurCiti Hong Kong Releases Results of Second Quarter 2020 Residential Property Ownership Survey - Brand Spur

Latest News

StarTimes Facing a Winding-Up Court Order for Rights Debts

GlobalData Sport, a data and intelligence services platform, has revealed that StarTimes, the Chinese-owned Pay-TV operator with tentacles across...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Citi Hong Kong Releases Results of Second Quarter 2020 Residential Property Ownership Survey - Brand SpurCiti Hong Kong Releases Results of Second Quarter 2020 Residential Property Ownership Survey - Brand Spur