Residential property sales in Hong Kong fell to a 17-year low last year as significant taxes on home sales, aimed at tackling rising prices, hit home in a big way.
According to official information from the Hong Kong Land Registry, the total number of sales and purchase agreements concluded in 2013 was 70,503, down 39 percent from numbers seen in 2012. Values also declined by 30 percent to HK$456 billion.
Market watchers expect the decline to continue into 2014, and predictions of up to a 50 percent decline in Hong Kong home prices have not been ruled out by some analysts.
Property prices in Hong Kong remain among the highest in the world, and while authorities first started to implement cooling measures as far back as October 2009, there had been little impact seen until last February’s increase in stamp duty on residential property transactions.
Andrew Batt,
International Group Editor of PropertyGuru Group, wrote this story. To
contact him about this or other stories email andrew@propertyguru.com.sg
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