Interest in house buying dips to 13% in Q3: survey

The finding reflects a wait-and-see attitude amongst house buyers.

Interest in house purchasing among Hong Kong locals dipped to 13% in the third quarter, which is a 1% decline from the previous quarter, and a 17% drop from the same period last year.

This represents approximately 317,000 people who conducted property hunting in August or September this year, according to Citi’s Residential Property Ownership Survey.

Amongst those surveyed, 55% believe 2021 was not an excellent time to purchase a house, and only 4% said it was a good time to buy.

Citi said the lower optimism for the quarter reflects a “wait-and-see attitude” amongst house buyers.

Interest in house purchasing was highest amongst individuals aged 21 to 24, and the average age of first-time buyers is 31.

Those who expressed interest in buying homes said the average price of a property that can meet their accommodation needs at $5.8m, 115% higher than the estimate 10 years ago at $2.7m.

Respondents expect property prices to rise for the whole year of 2021 (42%) and the coming year (38%).

“We recommend that young people interested in buying a property start reviewing their asset allocation as soon as possible, accumulating their wealth and gradually becoming empowered to realise their aspirations in home buying,” Josephine Lee, head of Retail Bank at Citi Hong Kong, said.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!