RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Total home sales expected to have reached over 50,000 in 2016

Affordability remains a key concern for buyers.

According to Knight Frank, in Hong Kong, total residential sales are expected to reach over 50,000 in 2016, largely on par with previous years. Given the recent price recovery partly prompted by investor interest, some of which are from the Mainland, the Hong Kong Government is keeping up various price cooling measures such as lowered Loan-to-Value ratios, tightened stress test requirements and a set of stamp duties.

It has recently increased stamp duty for second home buyers to 15% in an effort to curtail price.

However, as prices reached record levels, affordability remains a major concern for many potential homebuyers. Meanwhile, in recent years, Mainland developers have been increasingly active in residential land site acquisitions in Hong Kong, a trend that is likely to continue in 2017.

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