Record number of Hongkongers think home prices will rise in the next 12 months, according to Citibank survey
Industry insiders, however, expect increases in home prices to slow down
About seven out of 10 respondents polled for Citibank’s latest Hong Kong Residential Property Ownership Survey by the University of Hong Kong’s Social Sciences Research Centre said they expected housing prices to rise over the next 12 months.
More than 500 residents were randomly polled over the phone in June for the survey, which has been carried out every quarter since 2010. A total of 69 per cent of the respondents, a record high, said they expected home prices to rise, according to the survey, which was released on Thursday, marking a third consecutive quarter where increases were expected.
The number of respondents who felt it was a “bad and terrible” time to buy a home increased to 73 per cent in the second quarter, up 4 per cent from the first quarter, according to the survey.
Citibank said it did not ask the respondents to explain their answers and would not speculate on the reasons behind the results.
Industry insiders, however, said they expected increases in home prices to slow down.
Leo Cheung, corporate development director of valuations and property management at Pruden Group, said: “There is uncertainty in the market about the effects of the US-China trade war. Buying sentiment is adversely affected.