Gov't eases property cooling measures

The adjustments include a reduction of the buyer's stamp duty to 7.5%.

The government has decided to adjust demand-side management measures for residential properties after assessing both the local situation and global factors in the property market.

In his 2023 policy address, Chief Executive John Lee said the market situation has changed since stringent measures relating to property prices were introduced.

“After the introduction of those measures and in the recent examination of the situation, first of all, the interest rate has gone up, and it will remain high, the geopolitical situation is going to be complicated, the whole world is facing pressure regarding economic development and also, property prices have already been going down from their height,” said Lee.

Amongst changes introduced by the government in some of its property cooling measures was the reduction of the Buyer’s Stamp Duty (BSD) and the New Residential Stamp Duty (NRSD) from 15% to 7.5%.

Another demand-management measure which the government introduced was shortening the applicable period for payment of the Special Stamp Duty (SSD) to two years.

The shortened period means that property owners who dispose of their property two years after acquisition will not have to pay the SSD, which amounts to 10% of the property price.

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