Around 15% of Hongkongers expressed interest in buying property in the last quarter. This number is a 10% decline from last year. This was according to an annual survey conducted by Citibank, South China Morning Post (SCMP) reported.
According to analysts, the government's market cooling measure played a role in the decline in purchasing intentions. The 15% additional stamp duty on corporate and non-permanent resident buyers was introduced in November 2012, the SCMP report said.
The said survey also found that the average quarterly property transactions suffered a steep decline of 40%. It was down to 13,000 in the first three quarters of 2013 from a quarterly average of 21,000 in 2011 and 2012, said the report.
Citibank surveyed 1,600 Hongkongers from 21 to 60 years of age. The survey had a 5% margin of error, the report said.
From the people interviewed in September, around 45% believed property prices would fall in the next couple of years. About 61% believed that mortgage rates would rise in 2014. Only 3% thought it was a good time for property purchases. Half of the Citibank survey respondents owned property and around 43% have a mortgage, SCMP reported.
Join the Conversation