Latest news with #BuggleLauKa-fai
South China Morning Post
02-04-2025
- Business
- South China Morning Post
Hong Kong's March property sales rise to 4-month high, in a sign of improving sentiment
Hong Kong's property sales increased to the highest level in four months in March, as a resurgent stock market and a lower tax scheme for homes spurred sentiment, according to two of the city's largest agencies. Advertisement Sales of new and lived-in homes, shops, office units, car parking spaces and industrial properties jumped by 55 per cent to 6,657 lots, while the transaction value soared 61 per cent to HK$45.63 billion (US$5.9 billion) last month, according to estimates compiled by Midland Realty. Ricacorp Properties estimated that 6,672 lots changed hands, 54 per cent higher than the month before. 'With favourable property market measures [announced] in the budget at the end of February and the strong performance of Hong Kong stocks in recent months, new property sales have been outstanding,' said Midland's chief analyst Buggle Lau Ka-fai. The bullish momentum is likely to be sustainable, with the forecast for deals in April to reach 7,040 lots, Ricacorp said. That would be the highest monthly transactions since the 7,695 lots in November, the agency said. Advertisement The revival in the city's real estate industry vindicates the stamp duty cuts announced in February by Financial Secretary Paul Chan Mo-po, who slashed the levy on homes worth up to HK$4 million to HK$100 from HK$60,000. The previous threshold was HK$3 million. The change could spur sales of HK$4 million flats to account for 30 per cent of private home sales, up from 25 per cent in 2024, CBRE said. 'The easing of stamp duties for properties worth HK$4 million has led to many buyers chasing small residential units,' said Ricacorp's head of research Derek Chan.
South China Morning Post
23-03-2025
- Business
- South China Morning Post
Hong Kong property demand aided by stamp duty cuts, but stocks and interest rates are key
Hong Kong's residential property market is showing signs of improvement following the government's decision to lower the stamp duty for small flats, but market experts believe a buoyant stock market has played a greater role in boosting market confidence and that interest rate trends remain crucial. Advertisement The Hong Kong government reduced the stamp duty on the sale of flats worth up to HK$4 million (US$515,000) to just HK$100, down from HK$60,000, Financial Secretary Paul Chan Mo-po announced in his budget address on February 26. The previous threshold was for homes worth up to HK$3 million. 'The new policy did help to improve the residential market as the sell-through rate of those small flats in recent new launches in the first-hand market was good,' said Buggle Lau Ka-fai, chief analyst at Midland. 'But it may not be the main reason for the uptick in transactions.' Centaline Mortgages said as of March 20, transactions of flats between HK$3 million to HK$4 million increased by 1.9 times over the same period in February this year and up 3.5 times year on year. Financial Secretary Paul Chan Mo-po, at the Hong Kong Coalition of Professional Services lunch at New World Harbour View in Wan Chai on March 11. Photo: Jonathan Wong Hong Kong has seen strong weekend sales over the past three weeks. Last Saturday, 228 available flats at the new Tai Po residential project developed by Vanke Hong Kong were sold. Sun Hung Kai Properties' Yoho West Parkside development in Tin Shui Wai also saw batches of units quickly snatched up by buyers.
