‘Sluggish’ economy drags residential market: report

The overall stamp duty revenue dropped 41.9%YoY in 2022. 

The “sluggish” Hong Kong economy led to a poorer buying sentiment in Hong Kong, Knight Frank reported. 

In a report, Knight Frank noted that the overall stamp duty revenue in December declined by 38% month-on-month, citing data from the Inland Revenue Department. 

Read more: Residential transaction volume to rebound in H1 2023

For the entire year, the overall stamp duty revenue from home sales dropped 41.9% year-on-year to 2,972 cases. Revenue stood at HK$5.94b, down by 54.1%. 

“Looking ahead, taking the likely slowing of interest rate hikes and the border relaxation with Chinese mainland into account, market activity is expected to pick up gradually after Chinese New Year, and overall transaction volume is projected see an uptick in 2023,” Knight Frank reported.