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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
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More than half of middle-income households in Hong Kong believe house prices are poised to rally now that all of the restrictions in the market have been scrapped, according to a survey by Citibank.
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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.
Citibank Hong Kong conducted the survey in April to gauge attitudes to residential property ownership in response to the withdrawal of curbs. It targeted 500 respondents between the ages of 21 and 60, with household incomes of HK$40,000 a month or more.
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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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