According to the survey results released by CBRE yesterday, Hong Kong people nowadays tend to buy properties more than rent them, with 72% of early millennials (aged 34-41) having the highest intention to buy a property, followed by 64% of Generation X (aged 42-57).
The report also shows that 35% of respondents intend to move within the next two years, up from 22% of respondents who had moved in the previous two years, and nearly 40% of respondents want to move closer to the core area.
As the epidemic eases, market sentiment continues to improve, encouraging more Hong Kong people to plan for the future.
According to CBRE's Head of Research, Hong Kong, Chan Kam Ping, as mixed working patterns become more mainstream, Hong Kong people are more likely to consider the availability of courier and food delivery services and the availability of dedicated space at home for work when choosing where to live compared to respondents in the global and Asia Pacific regions.
According to the survey, nearly 70% (68.6%) of those considering home ownership were for their own use, while nearly 60% (59.3%) cited falling property prices and taking advantage of low prices as the main reason for home ownership, followed by global inflation, 15.9% for bricks and mortar, and 9.3% for the government's further relaxation of the ceiling on property prices for high percentage mortgages.
In addition, 70% (70.7%) of respondents were considering buying a second-hand property, compared to 24.3% for first-hand properties.
More than half (55%) of the respondents preferred a property priced at $6 million or below, and 65.7% would take out a higher-priced mortgage.
Among those who are considering a property exchange, 35% of respondents believe that property prices have fallen, so taking advantage of low prices is the main reason for a property exchange, while family needs account for 25.5% and improving the living environment for 22.5%.
More than 75% (75.2%) of the respondents were considering buying second-hand properties, while 24.8% were buying first-hand properties. More than half (55.8%) were interested in properties priced above $6 million to $10 million or below.
