Hong Kong set for fall in first quarter
December 16, 2010 - Hong Kong
The Hong Kong government's cooling measures seem to be having some affect in the real estate market with industry watchers anticipating a 5 to 10 percent drop in luxury housing prices in the first quarter of next year.
Some have broached the topic of possible panic selling amongst owners in January and February, but this is expected to be a minority of owners at the short-term speculator end of the market and end-users with a tight cash flow, who are expected to be the most affected.
This follows the government's application of a special stamp duty of up to a 15 per cent on properties sold within six months of purchase, in response to which property experts are expecting buyers to diversify their portfolios through office and retail space.
Source: Property Report
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