Survey Findings on Views on Housing and Youth in Hong KongReleased by Hong Kong Institute of Asia-Pacific Studies at CUHK
A telephone survey was conducted from 25 to 28 March 2015 by Hong Kong Institute of Asia-Pacific Studies, The Chinese University of Hong Kong to gauge public views on housing and youth in Hong Kong. 704 respondents aged 18 or above were successfully interviewed, with a response rate of 44.1%. The sampling error is + or –3.69% at a confidence level of 95%.
Major findings are summarized as follows:
In the current survey, the respondents were asked about their predictions of property prices in the coming year, nearly one-half of the 704 respondents (47.8%) thought that the price level would remain at the current level. 30.0 % predicted a rise and 12.4% expected a fall.
Concerning their perceptions of property ownership and youth in Hong Kong, a majority of the respondents (81.5%) agreed with the statement that “When compared with the last generation, it is more difficult for the current young generation to get on the property ladder”. 7.8% disagreed and 9.7% said “in-between”. Similarly, four-fifth of them (79.4%) agreed that “When compared with the last generation, it is more difficult for the current young generation to own property without the financial support of their parents or families”. 7.7% showed opposite view and 11.4% reported “in-between”. While 79.7% of the respondents also agreed with the view that “Youth should make property purchase only after being financially independent”, 5.1% expressed disagreement. 14.2% answered “in-between”.
The respondents were also asked about their views on the realistic age of getting first property in nowadays Hong Kong. 18.2% thought the age below 30 as realistic. More than two-fifth (46.3%) reported age 30-34, 21.2% opted for age 35-39, and 7.0% chose age 40 and above. In addition, the survey found that while 55.9% agreed with the statement that “Compared with the last generation, the current young generation has a stronger desire to own property as early as possible”, one-fifth (19.1%) rejected this view and 22.3% indicated “in-between”.
Regarding their general opinion on property ownership, first, almost three-fifth of the respondents (58.4%) thought that property owners are easier to find marriage partners and 17.2% said otherwise. 22.9% reported “in-between”. Second, while 44.2% said that live and work happily could only be attained by living in self-owned property, a quarter of the respondents (24.4%) disagreed with this view and 29.8% answered “in-between”.
Questions about attitudes towards government role in assisting the current young generation to own property were asked. Two-third (66.2%) of the respondents agreed that the government should introduce more targeted measures in helping the current young generation to buy property and 14.3% disagreed. 17.2% said “in-between”. Conversely, 19.9% thought that property ownership is a personal choice and hence there is no need for the government to implement any specific measures to help youth getting properties. Half of the respondents (50.7%) showed opposite view and 25.9% indicated “in-between”.