More than half of Hong Kong people are dim about property prices in the next half year

Squarefoot, a multimedia platform owned by the REA Group of Australia, announced the analysis of the outlook for the Hong Kong real estate market in the second half of this year

The results reflect that Hong Kong people are bearish on the outlook for the property market. The company commissioned Nielsen to conduct a semi-annual property market outlook survey. When the survey was conducted in October, about 56% of 1,000 respondents expected property prices to fall in the next six months, with an average expected drop of 12.8%.

13% drop on average

The survey results show that 90% of respondents still believe that local property prices are too high, while 53% believe that property prices have peaked in the past 12 months. Only 19% of those interested in buying property in Hong Kong in the next 12 months. 56% of respondents expect property prices to fall in the next 6 months, 85% of them expect property prices in the New Territories to fall, higher than 71% in Kowloon and 66% in Hong Kong Island; most people expect property prices to fall They are Yuen Long, Tuen Mun, Wan Chai, and Sha Tin.

12% of the respondents indicated that they plan to purchase overseas properties in the next 12 months, and 36% of them chose “plan to move abroad” as the reason for buying property, which is higher than the 17% surveyed in the first half of the year

Kenneth Kent, general manager of the REA Group Hong Kong, believes that the survey was conducted in October at the time of social events in Hong Kong, coupled with uncertainties in the external and local economic environment, or exacerbated the market’s wait-and-see attitude. He pointed out that Hong Kong is still an international financial center and a springboard for China to face the international market. The global market sentiment also affects Hong Kong property prices.


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