Recently, the Hong Kong property market has once again become a hot topic, primarily due to the Legislative Council's approval of the "2024 Stamp Duty (Amendment) Bill." According to this amendment, buyers conducting residential property transactions will no longer need to pay additional stamp duties, buyer's stamp duties, or new residential stamp duties, triggering a wave of "property buying spree."
Data shows that in March, the overall number of registered property transactions in Hong Kong (including residential, parking spaces, and commercial properties) reached 5,013, with a total value of HKD 37.371 billion, an increase of 65.5% compared to February. Quarterly, in the first quarter of 2024, the total number of registered transactions reached 12,603, with a total value of HKD 93.619 billion, representing increases of 23.1% and 7.4%, respectively, compared to the previous quarter. As the policies are implemented, the atmosphere in the Hong Kong property market is rapidly heating up, with a significant increase in transaction volume, and it is expected that the overall number of registrations in April will reach a new high.
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Real estate salespersons have pointed out that among the more than 10 properties recently sold, as many as 70% were purchased by mainland Chinese clients. Some buyers even purchased multiple properties at once. For example, in the March lottery event at Belgravia Place, a mainland Chinese client purchased 9 properties in one go. This buyer originally planned to buy luxury homes in Hong Kong but had been watching the market due to high property taxes. Now, with the policy adjustment, they decisively decided to invest, with each property priced at approximately HKD 5 million.
It is reported that not only clients from Shenzhen and Guangzhou are coming to Hong Kong to buy properties by high-speed rail and train, but there are also clients from Beijing, Shanghai, Fujian, Zhejiang, and other places coming to Hong Kong by plane to invest in real estate. From the market's response, the new policy changes have had a positive impact on Hong Kong's real estate market.
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As an international financial center, Hong Kong's economic growth trend and stable job market have always attracted many people to settle and develop their lives.
In addition to the "2024 Stamp Duty (Amendment) Bill," the Hong Kong government has also launched the "New Capital Investment Entrant Scheme," which has been warmly welcomed. The Invest Hong Kong revealed that since its launch on March 1st, they have received applications in double digits and over 1,600 inquiries. This reflects the confidence of high-net-worth individuals in Hong Kong's stable business environment and their interest in Hong Kong's diversified investment opportunities.
The application conditions for the "New Capital Investment Entrant Scheme" include being over 18 years old, being able to bring a spouse and unmarried dependents under the age of 18, having specific nationality/identity, and proving a net worth of no less than HKD 30 million. The scheme provides successful applicants with investment opportunities in Hong Kong and the possibility of staying in Hong Kong for themselves and their families.
