{"id":35634,"date":"2016-11-24T13:14:14","date_gmt":"2016-11-24T06:14:14","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-real-estate-prices-to-soften-next-year\/"},"modified":"2016-11-24T13:26:46","modified_gmt":"2016-11-24T06:26:46","slug":"hong-kong-real-estate-prices-to-soften-next-year","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-real-estate-prices-to-soften-next-year\/","title":{"rendered":"Hong Kong real estate prices to soften next year"},"content":{"rendered":"


\nThat pesky stamp duty again
\nThe future\u2019s a blur. Image: iMoStudio\/Shutterstock
\nResidential prices in Hong Kong are to face downward pressure in 2017 following the governments stamp duty increase for non-first time buyers, says Colliers.
\nThe stamp duty hike on 5 November is the second increase in three years. It\u2019s expected to cool housing prices by 5 to 10 percent over the next twelve months.
\nHowever, the price decrease will be minor and short-lived, Nicole Wong, regional head of property research at CLSA told South China Morning Post.
\n\u201cMost of the buyers who incur the double stamp duty are actually upgraders,\u201d Wong told the South China Morning Post. \u201cIf people cannot upgrade, they would not sell out of their first unit, and there won\u2019t be any supply in the market.\u201d
\nMore: Hong Kong braces for the big chill from new stamp duty
\nMonthly transaction volumes is also expected to fall from the 8,560 total transactions in October to less than 4,000, with secondary market transactions between 1,500 to 1,800, Colliers reported.
\nLast week, four transactions for seven apartments worth HK$55.4 million were cancelled as a result of the hike, with buyers forfeiting their deposits.
\nThe increase hasn\u2019t put everyone off however, last week Property Report heard that a corporate buyer was charged with an eye-watering HKD90.54 million (USD11.7 million) on the sale of a HKD301.8-million (USD39 million) semi-detached house in Happy Valley.
\nRead next: Asia\u2019s most expensive apartment just sold in Hong Kong \u2014 again
\n
\nSource : property-report.com
\nRead more…Hong Kong real estate prices to soften next year<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

That pesky stamp duty again The future\u2019s a blur. Image: iMoStudio\/Shutterstock Residential prices in Hong...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-35634","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-9gK","jetpack-related-posts":[{"id":40344,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-hong-kong-prices-wont-stop-rising-in-2017\/","url_meta":{"origin":35634,"position":0},"title":"Why Hong Kong prices won\u2019t stop rising in 2017","date":"January 11, 2017","format":false,"excerpt":"\r No worries, no (downward) pressure despite stamp duty The Central-Mid-Levels escalator and walkway system in Hong Kong is the longest outdoor covered escalator system in the world. Pelikh Alexey \/ Shutterstock.com Analysts do not expect home values in Hong Kong to stop rising this year, new stamp duties notwithstanding.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34288,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-are-walking-away-from-hong-kong-property-contracts-as-stamp-duty-bites\/","url_meta":{"origin":35634,"position":1},"title":"Buyers are walking away from Hong Kong property contracts as stamp duty bites","date":"November 14, 2016","format":false,"excerpt":"\r A growing number of Hong Kong\u2019s property buyers have defaulted on their agreements and forfeited their deposits, as a November 5 increase in stamp duty shows effects. Four transactions involving seven apartments valued at a combined HK$55.4 million had been cancelled, according to the government\u2019s website. \u201cMore contracts will\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32966,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-more-than-doubles-property-stamp-duty-to-15-per-cent-to-cool-overheating-market\/","url_meta":{"origin":35634,"position":2},"title":"Hong Kong more than doubles property stamp duty to 15 per cent to cool overheating market","date":"November 4, 2016","format":false,"excerpt":"\r Hong Kong\u2019s government has announced the latest round of property measures to cool off property investments by increasing the stamp duty on property transactions to 15 per cent across the board. It will be raised from the previous range of between 4.25 per cent and 8.5 per cent. The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59348,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-home-price-gain-ease-as-rising-stamp-duty-and-mortgage-lending-tightening\/","url_meta":{"origin":35634,"position":3},"title":"Hong Kong home price gain ease as rising stamp duty and mortgage lending tightening","date":"June 30, 2017","format":false,"excerpt":"\r Hong Kong\u2019s residential prices rose at the slowest monthly pace in four months in May, as the government\u2019s market-cooling stamp duty and the prospect of higher interest rates finally began to show their effects. May\u2019s home prices rose 1.15 per cent, slowing from April\u2019s increase of 2.55 per cent,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33390,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kongs-property-stamp-duty-leaves-a-gaping-loophole\/","url_meta":{"origin":35634,"position":4},"title":"Hong Kong\u2019s property stamp duty leaves a gaping loophole","date":"November 7, 2016","format":false,"excerpt":"\r Hong Kong\u2019s government, which more than doubled a stamp duty over the weekend to tame runaway real estate prices, has left a gaping loophole in the tax regime, allowing first-time buyers of multiple properties to get away with not paying the levy. The tax ordinance collects stamp duty based\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41248,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-to-benefit-from-hong-kong-tax-hike\/","url_meta":{"origin":35634,"position":5},"title":"Singapore to benefit from Hong Kong tax hike","date":"January 20, 2017","format":false,"excerpt":"\r Lower stamp duties in Singapore has made the city-state more attractive for Chinese investors. \u00a0 Singapore may benefit from Hong Kong\u2019s recent increase in stamp duty for overseas property buyers, reported Bloomberg. According to Cushman & Wakefield, Singapore\u2019s three-year slump in house prices could end this year as foreign\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/35634"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=35634"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/35634\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=35634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=35634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=35634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}