Number of Hongkongers expecting home prices to fall doubles, Citi survey shows, as political crisis darkens the mood
- Citi survey finds 56 per cent of Hongkongers see home prices falling in the next year, compared with 28 per cent before protests began
- Almost 70 per cent of respondents thought it was a ‘bad or terrible time to purchase’ a home now in the world’s most expensive housing market
The violent protests that have engulfed Hong Kong have taken a serious toll on confidence in the local property market.
The number of Hongkongers who believe home prices will fall in the next 12 months has doubled since the pro-democracy demonstrations began in early June, according to a survey by Citi Hong Kong.
Fifty-six per cent of 500 people quizzed about their views on the market in the third quarter said they expect prices to come down, compared with 28 per cent in the April-to-June period.
Those who believe property prices will rise in the next year fell by exactly half from 36 per cent to 18 per cent, the survey found.
Despite the gloomy outlook, the number of people saying they are interested in buying a property fell less dramatically, from 25 per cent to 20 per cent.