Photo by Tierra Mallorca on Unsplash

Is now a good time to buy properties? 16% of Hongkongers think so

However, only a few are interested in buying a property.

Despite a higher proportion of Hong Kongers (16% vs 4%) considering now a good time to purchase a property, only a few of them are keen on buying one.

According to the 2022 Citi Residential Property Ownership Survey, only 15% were interested in purchasing a property, reflecting a “wait-and-see attitude towards home ownership.”

Of those who expressed interest in buying a property, 60% said they would hold back on home purchases until prices have eased further, preferably by an average of 17%, to an optimal level. 

This is likely because more than half of them (51%) expect property prices to follow a downward trend in the next 12 months. 

Hong Kongers (60%) with home-buying needs said they will likely buy a property at a price of around $6m or below.

Meanwhile, parents (30%) willing to help finance their children’s property purchase said they provide their children with financial support ranging from $1.01m to $2m.

Apart from prices, interest home buyers also look for mortgages with long repayment terms and mortgages with a high loan-to-value (LTV) ratio
 when choosing a property to purchase.
 

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