Hong Kong’s lived-in home prices rose for the first time in five months in April, as transactions were spurred by a cut in the government’s stamp duty for homes worth up to HK$4 million (US$510,000).
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An index measuring home prices eked out a 0.35 per cent gain to 285.7 last month, from 284.7 in March, according to the Rating and Valuation Department on Wednesday.
Transactions in the residential market jumped last month. Developers and owners sold 5,694 homes in April, the highest monthly tally since November’s 6,298 units. In March, 5,367 homes changed hands, according to the Land Registry data.
Previously, buyers of homes worth up to HK$3 million were subject to a relaxed HK$100 stamp duty. This was extended to homes worth up to HK$4 million following the budget announcement in February.
Homes worth up to HK$4 million accounted for a quarter of residential sales in 2024, according to CBRE. The cut in the stamp duty was likely to increase the share of this segment to 30 per cent of residential transactions, the property consultancy said.
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