Hong Kong Property Market Sees Moderate Growth in April
Hong Kong's private home prices climbed for the second month in a row in April
Hong Kong Property MarketProperty PricesStamp DutiesMortgage RatesProperty DevelopersReal Estate NewsMay 29, 2024
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, after prices had plunged 20% from their 2021 peak, hurt by higher mortgage rates, an outflow of talent, and a weak market outlook. The property market immediately celebrated the end of those measures with a jump in transactions, but analysts expect prices to remain subdued in the near term as property developers rush to launch sales at steep discounts.
Hong Kong's property market has been experiencing a slump in recent years, with prices falling by 20% from their 2021 peak. The government's move to lift curbs on foreign and second home buyers, as well as on those selling flats within two years of buying them, is aimed at boosting the market.
Hong Kong is a financial hub and one of the world's most expensive property markets.
Frequently Asked Questions
What was the percentage increase in Hong Kong's private home prices in April?
0 3%
What measures did Hong Kong remove in late February to boost its ailing property market?
Additional stamp duties for foreign and second home buyers as well as on those selling flats within two years of buying them
What was the percentage fall in Hong Kong's property prices from their 2021 peak?
20%
Why did Hong Kong's property prices fall in recent years?
Higher mortgage rates an outflow of talent and a weak market outlook
What do analysts expect for Hong Kong's property prices in the near term?
Prices to remain subdued as property developers rush to launch sales at steep discounts
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