70% Chinese Millennials Are Now Proud Owners Of A Single House

If you’re between 19 to 36 years old and don’t own a single house, you are likely not reading this in China.

According to HSBC study, young people all over the world are attempting to acquire the property ladder, and around 70% of them have attained the landmark.

A sizeable 90% also have plans to purchase a single house in the coming five years, as reported in the survey.

HSBC spoke to around 9,000 individuals based in nine countries.

China topped the rank with Mexico having 45% of millennials owning a property. This is followed by France with around 40%.

In Canada, the US and Malaysia, over one-third of the age group has purchased a flat or house, while in UK it’s about 30%.

In Australia and the UAE, 27% and 25% of millennials are now owning their single house respectively.

HSBC observed that 82% of those studied who were not householders had plans of owning a house or flat in the coming five years. Malaysians and Mexicans were most likely to own this ambition, with 95% saying so.

The numbers showed the higher side of millennials showing ownership of a property, but France had the lowest figures of buyers.

This may have a historical reason with a country not placed in a similar value on home ownership just like its neighbour. The common solution is renting as Paris and Lyon are expensive cities to live in.

For those aged 19-36, they cannot afford a single house as they have not prepared to save for deposit. Real estate prices in eight of the nine countries augmented in 2016.

Nearly two-thirds of answerers told that they will need more earnings to purchase a home, but seven of the nine countries are now facing high salary growth of no more than 2% in 2017.

How do Chinese millennials buy their homes?

According to Forbes, it is here in China that you will find seven of the world’s top 10 most expensive cities for residential properties. There were even reports of couples obtaining fake divorces in Shanghai to exploit the loopholes of owning a single house.

For sons specifically, they obtain the money from their parents to support the marriage market.

Thanks to China’s One-Child Policy, around 30-million men and women are now searching for partners up till2020.

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