BUDGET 2023: Government adjusts ad valorem rates for property sales
The adjustment will help first-time buyers who want to purchase properties.
Finance Secretary Paul Chan announced several adjustments to the computation for the ad valorem stamp duty payable for selling, purchasing, and transferring residential and non-residential properties.
Families can now purchase a residential property worth $3m with an ad valorem stamp duty worth $100.
In his speech, Secretary Chan pointed out that the adjustments will ease the burden on ordinary families who will purchase their residential properties, especially first-timers who were part of 90% of the city’s residential buyers last year.
The adjustment will benefit over 37,000 buyers across Hong Kong and cost the government approximately $1.9b per year.
Secretary Chan also said that the current demand-side management measures for residential properties will remain unchanged.