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The decision to raise stamp duty rates to 15% for all but local first time buyers in early November has led to a slowdown in sales. Combined with the low season effect in the holiday season, residential sales fell by 47.3% month-on-month in December, with sales in all price ranges dropping.
To reign in rising home prices, the Hong Kong government raised the stamp duty rate for non first-time buyers, to a standardised 15% in early November.
In October, Hong Kong’s residential market remained active, with 6,601 transactions completed over the course of the month, doubling that of a year ago, according to the Hong Kong Land Registry.
Sales volumes in Hong Kong increased by 34.4% in September compared to the previous month to reach a four-year high, according to data from the Land Registry.
In August, residential sales in Hong Kong edged up a notable 37% month-on-month, reaching 5,821 units, according to the Land Registry.
The volume of residential sales in Hong Kong fell 8% month-on-month in July to settle at 4,243 units, according to the Land Registry.
According to the Land Registry, residential sales in June edged up 0.7% month on month, reaching 4,620 units.
Residential sales volume grew further in May, but was up just a mild 2% month on month to 4,586, according to the Land Registry.
In March, residential sales volume increased by 45% month-on-month from the lowest level in 25 years, reaching 17,106, according to the Land Registry.
According to the Land Registry, in August, the number of residential transactions in Hong Kong decreased 27.8% from the previous month to settle at 3,896.