RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Hong Kong's apartment market on a buying spree

Buyers spent a record $47.5b in the first quarter.

The South China Morning Post reported that Hong Kong’s home buying fever continued unabated in the first quarter, after purchasers splashed out a record $47.5b (US$6.11b) on new apartments – the biggest buying spree ever, according to the latest figures from Midland Realty, the city’s only listed property agent.

But industry experts are now predicting the trend to slow considerably, after the Hong Kong government new policy last week, whereby any local first-time buyer of multiple units in one contract must now pay a 15% stamp duty for each flat bought, finally closing a legal loophole left open since November.

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