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

  • A Citi Hong Kong survey found that 13 per cent of the respondents think it is the ideal time to buy a home, down from 16 per cent in September 2022
  • The survey, of 1,100 respondents, also found that fewer residents expect property price increases in the next 12 months

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People visit the show flat the eResidence Tower 3, a Starter Homes (SH) Project for Hong Kong Residents developed by Urban Renewal Authority in Hung Hom, at a sales office at The Harmonie at Cheung Sha Wan. Photo: Sam Tsang
Cheryl ArcibalandSalina Li

The number of Hongkongers who say it is a “good time” to buy a house fell three percentage points in September from a year ago, according to a study conducted by Citi Hong Kong, but it is the second most optimistic result recorded in the past 11 years.

A Citi Hong Kong survey conducted in September found that 13 per cent of the respondents think it is the ideal time to buy a home, down from 16 per cent a year ago. The survey held via telephone and street interviews with 1,100 people, also found that fewer residents expect increases in the prices of dwellings in the next 12 months. In the survey conducted in 2021, only 4 per cent of respondents thought it was an ideal time to purchase a house.

Only 10 per cent of those interviewed felt that prices would rise, down from 12 per cent a year ago, while the percentage who see prices falling has risen to 57 per cent from 51 per cent.

Citi has been holding the survey since 2010 to assess the state of home ownership in Hong Kong, gauge public sentiment regarding home ownership and track public expectations of future housing price trends.

Potential buyers queue up at V Walk in Nam Cheong for 350 units of Sun Hung Kai Properties’ Yoho West Phase 1. Photo: Xiaomei Chen
Potential buyers queue up at V Walk in Nam Cheong for 350 units of Sun Hung Kai Properties’ Yoho West Phase 1. Photo: Xiaomei Chen

“While the percentage of respondents considering now a good time to enter the market has remained historically high, many respondents have a wait-and-see attitude towards home ownership,” the report said.

“When asked about the level of property price considered ideal, those respondents interested in home ownership suggested a median price of HK$5 million (US$640,000), way lower than the current median housing price in Hong Kong.”

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