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Rising property prices force more people to look at foreign markets

2017-09-19 17:07
https://photos.prnasia.com/prnvar/20170919/1945783-1

HONG KONG, Sept. 19, 2017 /PRNewswire/ -- More than 40 per cent of people living in Hong Kong are now interested in buying property overseas -- a record high for offshore investment, according to new research by GoHome.com.hk, a member of REA Group (ASX:REA).

Dr. Lawrence POON Wing-cheung, JP, Senior Lecturer, Division of Building Science and Technology, The City University of Hong Kong, Mr. Ray LO, Head, Integrated Marketing, REA Group (Hong Kong), Ms. Kerry WONG, Chief Executive Officer, Greater China Region, REA Group and Prof. Terence CHONG, Executive Director, Lau Chor Tak Institute of Global Economics and Finance, The Chinese University of Hong Kong releasing "Hong Kong Property Market Perspective Survey 2017 H2" research findings at the Press Conference
Dr. Lawrence POON Wing-cheung, JP, Senior Lecturer, Division of Building Science and Technology, The City University of Hong Kong, Mr. Ray LO, Head, Integrated Marketing, REA Group (Hong Kong), Ms. Kerry WONG, Chief Executive Officer, Greater China Region, REA Group and Prof. Terence CHONG, Executive Director, Lau Chor Tak Institute of Global Economics and Finance, The Chinese University of Hong Kong releasing "Hong Kong Property Market Perspective Survey 2017 H2" research findings at the Press Conference

As property prices continue to soar in Hong Kong, home ownership has become a pipe-dream for many, with the majority of people feeling as though they have been priced out of the market.

The Hong Kong Property Market Perspective Survey, released today by GoHome.com.hk, indicates that 90 per cent of people living in Hong Kong think the Government has failed to introduce effective measures to curb property prices.

The research also reveals that more than 40 per cent of people anticipate property prices will continue to rise, while 57 per cent believe the Government could adopt measures to cool property prices for future generations.

Additionally, young people are increasingly discouraged by owning their own home in Hong Kong, with two-thirds (72 per cent) of people believing the most efficient way for young people to own property is by getting their parents to bankroll the purchase.

The survey of 2,993 people is conducted bi-annually and provides a comprehensive insight into how people in Hong Kong are feeling about the property market, housing policies and investment opportunities.

REA Group Asia CEO - Greater China, Kerry Wong, commented: "Finding the right place to call home can be difficult and we're constantly looking for new ways to help people find a property that suits them, their lifestyle and their budget -- whether that's in Hong Kong or overseas through our global property network.

"The purpose of our research is to provide a pulse check on people's attitudes towards property in Hong Kong. Understanding the pain points and challenges that people face when looking for property enables us to provide the insight to Government and industry gurus."

The research also showed that more than one-third (36%) of people are now raising their budgets and are prepared to spend between HKD$5 million and $10 million. Interest in buying first-hand property has also increased, with more than one-third (33%) of people considering a first-hand purchase that is either completed or uncompleted as a way of entering the domestic market.

About GoHome.com.hk: GoHome.com.hk is Hong Kong's leading online property platform, with focuses on providing value-adding property search for residential, commercial, serviced apartments, interior design projects and related information in Hong Kong and ASEAN countries since 1999. The website outperforms other local real estate portals with the highest traffic, number of users and updated property listings, making it the most popular property portal for home buyers and property investors in Hong Kong. GoHome.com.hk was named Marketing Magazines "Property Portal of the Year" in 2011, 2012 and 2013. And, it was also awarded "Best Property Developer Partner - Most Comprehensive Property Website".

About REA Group Limited: (www.rea-group.com): REA Group Limited ACN 068 349 066 (ASX:REA) ("REA Group") is a multinational digital advertising business specialising in property. REA Group operates Australia's leading residential and commercial property websites, realestate.com.au and realcommercial.com.au, Chinese property site myfun.com and a number of property portals in Asia via its ownership of iProperty Group. REA Group also owns Smartline Home Loans Pty Ltd, an Australian mortgage broking franchise group, and holds a significant shareholding in property websites Move, Inc in the US and PropTiger in India.

GoHome.com.hk, squarefoot.com.hk and SMART Expo are part of the REA Group operating in Hong Kong. The brands aim to provide consumer with extensive local and oversea property news, listings and investment opportunities while offering property and home-related advertiser with one-stop multi-platform solution from online, mobile, print to event and expo.

Photo - https://photos.prnasia.com/prnh/20170919/1945783-1

Source: GoHome.com.hk, the member of REA Group

Related stocks: Australia:REA OTC-PINK:RPGRY

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