Real Estate
Hong Kong property sales drop to 17-year low
Dramatically increased taxes on home sales in Hong Kong caused 2013 house sales to drop 39 percent, the lowest sales figures in 17 years, according to the Hong Kong Land Registry. The slump is expected to continue through 2014, with analysts from Deustche Bank projecting up to an additional 50 percent drop over the next 12 months. In spite of additional cooling measures imposed by the government last February, including a doubling of the stamp duty on residential property transactions, home prices inched up 3 percent last year, and remain some of the highest in the world. The government first began trying to slow property prices in 2009, with little effect seen until last year.
Dramatically increased taxes on home sales in Hong Kong caused 2013 house sales to drop 39 percent, the lowest sales figures in 17 years, according to the Hong Kong Land Registry.
The slump is expected to continue through 2014, with analysts from Deustche Bank projecting up to an additional 50 percent drop over the next 12 months.
In spite of additional cooling measures imposed by the government last February, including a doubling of the stamp duty on residential property transactions, home prices inched up 3 percent last year, and remain some of the highest in the world. The government first began trying to slow property prices in 2009, with little effect seen until last year.
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Hong Kong property sales drop to 17-year low
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