Large majority in Asia Pacific think home prices are not reasonable
Seventy-nine per cent of respondents in the Asia Pacific region think home prices in their market is not reasonable, a survey shows.
These response was mostly shown in Hong Kong, with 91 per cent of interviewees in the city saying home prices are not reasonable or affordable , said YouGov, a UK-based internet-based market research firm.
It was followed by those from Malaysia at 90 per cent.
The research firm , which was listed on the Alternative Investment Market of the London Stock Exchange 10 years ago, conducted the survey between August 14th and August 21st .
A total of 11,687 people responded to the survey, of which 1,749 were Australians, 1,668 Chinese, 1,139 Hongkongers, 1,826 Indonesians, 1,792 Malaysians, 1,792 Singaporeans and 1,721 people from Thailand. All data are weighted to be national representative of the online population.
YouGov said 60 per cent of respondents in Indonesia think prices in their country were unreasonable, the lowest among the countries surveyed.
In regards to funding the purchase of a property, most of the respondents prefer buying ‘with their own savings’ at 54 per cent, and 43 per cent consider ‘home mortgage’ as the best method of doing so.
To relieve housing problems in their countries, 48 per cent of the respondents expect their government to have tax reductions in order to relieve households’ burden in home mortgages. Forty eight per cent of them also expect an increase in the amount of government subsidies for housing.
The People’s Bank of China (PBOC) recently announced its third quarter survey in 50 cities. Almost half, or 49.7 per cent, of interviewees believed current property prices are "high and difficult to accept".