Modern Australian
Men's Weekly

.

Citi Property Survey Shows Higher Interest in Home Ownership Among the Affluent After the Rollback of Property Cooling Measures

Over 70% of the affluent individuals surveyed express a greater interest in home ownership and anticipate a rise in housing prices in the next 12 months

HONG KONG SAR - Media OutReach Newswire - 6 May 2024 - Hong Kong conducted a survey in April 2024 on residential property ownership in Hong Kong in response to the Hong Kong Government's withdrawal of all property cooling measures in February in view of the current economic and market conditions.

Here are some highlights of the survey results among the respondents in the affluent segment (i.e. individuals with liquid assets of HKD 1.5 million or above):

· 50% think it is now a better time to buy a property, as opposed to 40% who think it does not make any difference and 8% who think it is a worse time to buy.

· 72% express a greater interest in buying a property. Compared to the general respondents, those in the affluent segment are more interested in buying a property as an investment (46%), followed by support to their children (34%) and a source of rental income (25%). Only 6% of those surveyed express less interest in buying a property after the cooling measures have been lifted.

· Among the home-owner respondents in the affluent segment, 62% express a greater interest in changing to a new property, as opposed to only 3% who show less interest in doing so.

· 54%, 62% and 57% anticipate a rise in housing prices over the next 6, 12 and 24 months respectively, as opposed to 31%, 21% and 26% who think housing prices will stay flat. Only 13%, 16% and 15% think housing prices will go down over the next 6, 12 and 24 months.

· Those with children (77%) and a monthly family income of more than HKD 80,000 (75%). as well as those who had once owned a property (81%) in the affluent segment are more interested in buying a property now that all property cooling measures have been lifted.

· Among all the property cooling measures that have been lifted, the respondents in the affluent segment are most aware of the removal of the Special Stamp Duty (SSD, 65%) and Buyer's Stamp Duty (BSD, 61%).

· Of those who express a greater interest in home ownership in the affluent segment, 42% cite the removal of SSD as one of the reasons for their increased interest in buying a property, followed by the easing of loan-to­ value ratios for residential properties (41%) and the removal of BSD (36%).

Josephine Lee, Managing Director and Head of Citigold and Cards & Unsecured Lending Sales, Citibank Hong Kong, said, "We have always been committed to bringing together the full power of Citi to serve the entire continuum of wealth clients with financial solutions that are tailored to meet the unique needs of each client. From this survey we see that affluent individuals have a greater need for investment, wealth preservation and legacy planning, with residential property being an integral part of their wealth portfolios. With Citigold built around the banking needs of our customers, we offer a range of long- and short-term investments, mortgage and liquid asset solutions, as well as various financing tools that help protect their wealth and grow their portfolios."

In general, the survey results reflect a positive sentiment among the public toward the property market after all the cooling measures have been lifted in February, boosting optimism among potential home buyers. As we continue to leverage our extensive retail network and expertise, we have solidified our position as a trusted mortgage partner with mortgage remaining a core component in our total wealth management solution offered to affluent clients.

In order to facilitate faster and more efficient mortgage application, Citi is one of the very few banks in Hong Kong to have digitalized the process with the launch of the New Online Mortgage Application Platform, giving customers the ability to initiate their mortgage applications with immediate preliminary online assessment results, and to follow up on their mortgage applications anytime, anywhere.

Since 2010, Citi Hong Kong has been conducting surveys of the Hong Kong housing market to assess the current state of home ownership in the SAR, gauge public intentions towards home ownership, and track public expectations of future housing price trends.

Source: 2024 Citi Property Survey1

Exclusive Offers2
From now until May 31, customers who successfully open a Citigold or Citigold Private Client account will enjoy a cash rebate of up to HK$42,100 or HK$65,300 respectively, including a cash rebate of up to HKD 24,000 for a successful mortgage loan drawdown. For existing Citi banking and card customers who successfully refer a customer to draw down a mortgage loan3 and open a Citigold or Citigold Private Client account will enjoy a referral cash rebate of up to HKD 7,088 and HKD 13,888 respectively. For more information, please visit https://www.citibank.com.hk/citigold and https://www.citibank.com.hk/cpc

Click Here to download the photos
Hashtag: #Citi

The issuer is solely responsible for the content of this announcement.

About Citi

Citi is a pre-eminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.


Additional information may be found at | Twitter: | LinkedIn: | YouTube: | Facebook:

Private Booze Cruisers – The New Must-Have Toy for Cashed Up Millennials

Did you hear that your 30s are the new 20s? We’ve finally rocked up that adult money and now it’s time to play with it. I was going for a walk ...

Grinding & Jaw Soreness: Signs You Might Need Night Guards and How We Protect Enamel

Waking with a tight jaw, tender muscles, or a dull temple headache is more than a bad night’s sleep. Many Australians grind or clench their teeth ...

Circular Interior Design: Furnishing with Salvaged & Reclaimed Materials

Circular interior design is gradually making its way from niche circles into mainstream Australian homes. At its core, this approach revolves around...

Invisible Braces vs Traditional Braces: Which Is Best for Adults?

Straightening teeth as an adult is common in Australia, and the options are better than ever. The two main choices are clear aligners, also called i...

Smoking, Vaping, and Healing: How Nicotine Affects Sockets and What you can do About it

Nicotine and oral surgery are a poor mix. After an wisdom teeth removal in Sydney, your body needs a stable blood clot and steady blood flow to rebu...

Titanium and Bone: How Dental Implants Become Part of the Jaw

Dental implants replace missing teeth by anchoring a metal fixture in the jaw and fitting a crown on top. Their success rests on a biological event ...

Do Wisdom Teeth Really Make You Wiser? Debunking Old Beliefs

Wisdom teeth are among the most discussed teeth in dentistry, not because of their function but because of the myths that surround them. The name it...

How Long Do Dental Implants Really Last? The Facts Dentists Won’t Skip

Australians often ask one simple question before green-lighting treatment: how long will a dental implant actually last? The short answer is that th...

The Confidence Curve: Why Implants Change the Way You Carry Yourself

Losing a tooth is not just a physical change; it alters the way people see themselves and how they believe others perceive them. While dentistry has...

Why Reliable Air Conditioning Services Are Essential for Year-Round Comfort

Melbourne’s climate is known for its unpredictable swings—from scorching summers to chilly winters. This variability makes it crucial for homes ...

Expert Plumbing Solutions in Perth: From Hot Water Systems to Leak Detection

Plumbing is one of those things we often take for granted—until something goes wrong. From stepping into an unexpectedly cold shower to discovering ...

Eco-smart Car Removal in Sydney: Practical Steps That Cut Waste and Return Value

Sydney’s ageing cars add up to a serious waste stream, and choosing the right removal service makes a measurable difference. Your decision sends m...

Measuring the Success of Your Bus Advertising Campaign

Bus ads turn everyday travel into high-reach media. They move through busy corridors, sit in traffic where people can read them, and keep working af...

Partner Visa Pathways: Onshore vs Offshore Applications Explained

Choosing between Australia’s onshore and offshore partner visa routes affects timing, travel, work rights and budget. This guide explains the stru...

Serving Styles Compared: Buffet, Grazing, or Plated for the Office

Choosing how to serve food at a work function shapes the pace of the event, how people mingle and how smoothly the agenda runs. The right format dep...

5 Essential Tips for Hiring Gold Coast Plumbers

Finding the best plumber on the Gold Coast can be as complex as navigating a network of pipes, requiring an expert who is capable, reliable, and s...

Hidden Costs of Moving You Need to Budget For (And How to Avoid Them)

Moving house ranks among life's most busy experiences, and discovering unexpected expenses along the way certainly doesn't help with stress levels. Wh...

Understanding Australian Building Regulations: What Every Mornington Builder Wants You to Know

If you live on the Mornington Peninsula, you likely already feel the risk of bushfires,hot, dry summers, nearby bushland, and epic wind events. That...