Property market needs time to adjust

November 14, 2023

(To watch the full media session with sign language interpretation, click here.)


Chief Executive John Lee said today that before buying property, the property market and buyers need time to observe and adjust to the easing of property measures that were introduced in the Policy Address last month.


He made the remarks ahead of the Executive Council meeting this morning and explained that since the cooling measures were announced, he has seen and learnt from the news that there have been more enquiries made by interested buyers, particularly those who are regarded as talent who have come to Hong Kong under the city’s various talent attraction schemes.


The Government announced adjustments to the demand-side management measures for residential properties last month, which includes shortening the applicable period for payment of the Special Stamp Duty from three years to two years, reducing the rates of the Buyer’s Stamp Duty and the New Residential Stamp Duty from 15% to 7.5%, as well as suspending the stamp duty for acquisition of residential properties by incoming talent to Hong Kong.


Mr Lee stated that the market and buyers will take time to observe the situation and make their own decision since buying a property is a major commitment for a normal family. At the same time, he made it clear that the Government will continue to monitor the market situation.


“I also understand that the property market is facing challenges in Hong Kong in the same way as many economies are facing, which is a high interest rate situation, which may last quite a while. So it is important for people to make a decision based on their own abilities and their own financial circumstances,” he said.


The Chief Executive stressed that the Government's policy is to make clear that its policy considerations are transparent as much as possible to the public, adding that it tries to be helpful to decision makers who will have to consider whether they should buy or not buy any property according to their own situation.


While acknowledging that there are various factors affecting an individual’s decision to buy property or not, Mr Lee revealed that the Government has been acquiring lands, so that it will have sufficient land to put out to the market when it is considered the right time to do so.

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