Squarefoot, a Hong Kong and overseas property trading and leasing real estate information platform, released the results analysis of the Hong Kong real estate market in the second half of 2019 yesterday
Those who believe that property prices will fall in the next six months, a significant increase from the first half of the survey, reflecting the public’s reversal of confidence in the property market within six months.
Among the respondents who are bearish on the local property market, 85% expect property prices in the New Territories to fall, which is higher than 71% and 66% in Kowloon and Hong Kong Island respectively. Looking at the districts in Hong Kong, 68% of the respondents believe that property prices in Yuen Long District will now decline, followed by Tuen Mun, Wan Chai and Sha Tin.
12% of respondents plan to buy property overseas
In addition, the negative sentiment in the property market has dampened the desire of local buyers to enter the market. Only 19% of the respondents said they intend to buy in Hong Kong in the next 12 months. Investors ’intentions to purchase overseas properties remained stable. 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, compared with 17% in the first half of this year. More than doubled.
The survey also revealed that when respondents consider buying a property outside Hong Kong
most people choose to invest in the mainland, but for those who plan to move abroad, Australia, Canada and Taiwan are the most popular location.