Hong Kong home sales jump 22 per cent in November as impact of property easing measures filters through
- Transactions for 2,767 new and lived-in homes were completed last month, versus 2,263 units in October, according to Midland Realty
- Overall property transactions are on track to end below last year’s level of 59,619, which was also an all-time low
Home sales in Hong Kong rose by 22 per cent in November as buyers took advantage of a cut in stamp duties and other property-easing measures announced by Chief Executive John Lee Ka-chiu in his policy address.
A total of 2,767 new and lived-in homes were transacted last month, versus 2,263 units in October, according to Midland Realty, one of the city’s largest property agencies.
New home sales surged 63.3 per cent month on month to 565 units, while second-hand homes recorded a near 15 per cent increase to 2,202 units, Midland’s data showed. Overall property transactions, including car parking spaces, shops, offices and industrial units, jumped 20 per cent to 3,626 last month.
“These were delayed sales that took place in November because buyers were waiting for a reduction in the stamp duties,” said Martin Wong, director and head of research and consultancy for Greater China at Knight Frank.
In his second policy address on October 25, Lee announced several measures to relax the decade-old property curbs. These included halving the buyers’ stamp duty to 7.5 per cent for non-permanent residents and residents buying a second or additional home.
A special stamp duty of 10 per cent was also waived for homeowners who resell their property after two years, from the previous three-year requirement. Eligible overseas talent are also not required to pay stamp duty on property purchases unless they fail to become permanent residents.
