HONG KONG : Hong Kong private home prices fell for the tenth month in a row to the lowest since September 2016 in February, and they are expected to remain suppressed even after the government recently removed the decade-long curbs for the property market.
FILE PHOTO: A general view of the construction site for housing buildings in Hong Kong, China October 24, 2023. REUTERS/Tyrone Siu/File Photo
In late February, Hong Kong removed all additional stamp duties for foreign and second home buyers, as well as on those selling flats within two years of buying them, in a bid to boost the city's depressed real estate market and the property market immediately celebrated with a jump in transactions. For primary sales of luxury residential properties worth more than HK$30 million , the percentage was even higher, accounting for around 70 per cent, JLL said on Monday, rebounding from less than 50 per cent before the curbs removal. The realtor expected mainland Chinese buyers to remain active.
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