Hong Kong property: most middle-income households see prices rising now restrictions are in the past, Citibank survey finds
- Most respondents considered the dropping of stamp duties to be the most important of the moves to stir the market
- Citibank itself forecasts a 10 per cent drop in home prices this year because of high interest rates and inventories
Of all the cooling measures removed by the government at the end of February, most respondents considered the dropping of stamp duties the most important.
Among them were 200 who fell into an “affluent segment” with liquid assets of HK$1.5 million (US$190,000) or above.
Almost three quarters of the wealthier respondents expressed an interest in buying a property, versus 62 per cent of their less well-heeled peers. Just 15 per cent of those in the affluent category believe house prices will go down in the next six months to two years, the survey found.
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The optimism of the survey is at odds with Citibank’s own appraisal of the property market. It predicts a 10 per cent drop in home prices this year because of high interest rates and an abundance of unsold units in the primary market.
