RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

More than 7 out of 10 millenials want their own homes

But how many have actually gotten them?

CBRE has released research into the economic impact of millennial lifestyles and aspirations on residential, commercial and retail real estate sectors in Hong Kong and across Asia Pacific.

According to a research note from CBRE, the survey found that, while over 70% of Hong Kong millennials aspire to own their own home, only 5% have actually achieved this, compared to a global average of 15%.

Eighty-five percent highlight the failure of wages to keep pace with home prices in Hong Kong, and over 40% say that if they were to buy a home, they would need financial assistance from their parents or other relatives.

Because of surging property prices and the difficulty of accumulating the necessary capital to buy a home, over 80% of local millennials are still living with family – the highest proportion in the study. Moreover, most of them won't be leaving the family home anytime soon – 31% don't anticipate doing so for 2-5 years, and 21% say they have no plans to do so at all.

Here's more from CBRE:

“The challenges that Hong Kong's chronic housing shortage poses for millennials can be mitigated by the construction of more affordable housing for rent and sale,” said Chan. “To help millennial first-time buyers to accumulate the necessary capital for down payments, there needs to be innovation in tailoring mortgages to cater to this group.”

“Millennials represent a game-changer for businesses across the board, both in Hong Kong and across the region. Their lifestyles and priorities will shape economics, redefine opinions on workplace design and functionality, and drive new attitudes towards consumption and experience for the foreseeable future,” said Tom Gaffney, Managing Director, CBRE Hong Kong, Macau and Taiwan.

“Millennials represent the fastest-growing source of spending power regionally. They make up the most influential demographic framing future trends in real estate through their attitudes, values and behaviors,” said Marcos Chan, Head of Research, CBRE Hong Kong, Southern China and Taiwan.

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