Only 1 in 10 locals thinks it is a good time to buy a home.
More than half (52%) of Hong Kongers are uninterested in owning a residential property amidst the pandemic, according to a Citi survey. Only 10% think it is a perfect time to buy a home at the moment.
Almost three-fifths (57%) are expecting home prices to fall in the next 12 months, repeating a sharp 15ppt uptick from before COVID-19. Only 6.1% of owners are willing to sell their property at a 10% discount or more amidst the crisis.
Property prices are expected to slip 7.5% by year-end but with a slightly less impact than SARS, with the largest forecasted drop of 10%. In addition, 24% of respondents feel that their household finances are going to worsen in the coming year.
Despite the bearish outlook on the property market, the number of respondents sharing this view during COVID-19 in March fell by 13pp compared with the figure recorded in January before the pandemic began.
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