According to YouGov, a UK-based internet-based market research firm, 79 percent of people asked in the Asia Pacific region think home prices in their market are not reasonable. The survey polled citizens in Hong Kong, Malaysia, Australia, China, Indonesia, Singapore and Thailand with the aim of seeing how people felt about home prices in their country.
Hong Kong and Malaysia recorded the largest amount of negative feedback according to the South China Morning Post. Of the people interviewed in Hong Kong, 91 percent said they think home prices are not reasonable or affordable in the city. Ninety percent of Malaysians responded the same way about home prices in their home country.
Only 60 percent of Indonesians asked about home prices in their country felt as if prices were too expensive. This was the lowest number recorded by YouGov. To relieve housing problems in their respective countries, 48 percent of the people responding to the survey want their government to reduce taxes in order to relieve burden caused by home mortgages. Nearly 50 percent of people polled also think an increase in the amount of government subsidies for housing would be a good idea.
Most of the respondents prefer buying a property with the cash they already have, however, 43 percent considered home mortgages as the best method of purchasing a house. According to YouGov, a total of 11,687 people responded to the survey including 1,749 Australians, 1,668 Chinese, 1,139 Hongkongers, 1,826 Indonesians, 1,792 Malaysians, 1,792 Singaporeans and 1,721 people from Thailand.
The People’s Bank of China (PBOC) announced similar findings in its third quarter survey of 50 cities that was recently announced. Almost 50 percent of the people they interviewed believed current property prices were high and difficult to accept, the South China Morning Post reported.
