2025-04-25 28Hse Editor
Winnie Ho Wing-yin, the Secretary for Housing, has expressed confidence in the stability of Hong Kong's real estate market, countering fears of a sharp downturn.
Her statement was in response to calls from a legislative member for the government to abolish housing stamp duties entirely. Ho highlighted an uptick in property transactions, citing over 2,900 deals in December following the government's decision to relax certain "spicy tax measures" in October.
Despite these measures, Ho noted that property prices experienced a modest decrease of 2 percent in November, a figure that some may find reassuring.
Legislative Council member Jeffrey Lam Kin-fung suggested that even with the elimination of stamp duties, the housing market is unlikely to see a surge in prices. Lam pointed out that the market has continued on a downward trend since the easing of tax measures in October.
Ho, however, emphasized the sustained demand for housing, particularly among the younger demographic. She presented data showing that 85 percent of the Urban Redevelopment Authority's starter home customers, as well as about 80 percent of secondary market homebuyers, are under 40 years old.
In recent secondary market activity, an apartment at The Esplanade in Tuen Mun was sold for HK$3.5 million, or HK$10,324 per square foot. This sale resulted in a considerable loss for the seller, who had purchased the property for HK$5.46 million just two years prior, marking a loss of HK$1.96 million.
Meanwhile, in the primary market, After The Rain in Yuen Long has amped up its sales strategy by increasing discounts on two apartments to 12 percent. This adjustment has reduced their selling prices to HK$6.37 million and HK$5.78 million, with the cost per square foot now at HK$14,027 and HK$12,724, respectively.
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