Tax Policy real estate transactions increased to 15% of the Hong Kong government has started take effect from the beginning of this month. This is the second time the property tax increase for 3 years in this Special Administrative Region.
Experts forecast home prices in Hong Kong will be reduced by 5-10% next year due to the impact of the real estate transaction tax increases for those who are not first-time home buyers.
Tax Policy real estate transactions increased to 15% of the Hong Kong government has started take effect from the beginning of this month. This is the second property tax increase for 3 years in this Special Administrative Region.
The decision to raise taxes is expected to help to "cool" the property market "hot" in Asia. The market analysts predict housing prices will fall from Hong Kong 5-10% in the next 12 months.
Hong Kong property prices will "cool down" in 2017
Hong Kong property prices are expected to decline due to the impact of new tax (Photo: World Property Journal)
However, interviewed by newspaper South China Morning Post, Ms. Nicole Wong - Head of research at real estate bank CLSA noted that falling prices will only be short-term local. With the appeal of Hong Kong real estate, especially in the premium segment, prices will not be easy to regulate so. In the long term, the market may continue to recognize the upside.
Monthly amount of real estate transactions is also expected to decline from transactions in October 8560 to less than 4000 transactions. The secondary market will record transactions from 1500 to 1800, as reported by real estate company Colliers.
Reportedly, in the last week, with 4 of 7 apartment deals worth 55.4 million Hong Kong dollars was canceled due to the tax increase that the intended buyers change their mind and withdraw deposits.
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