Hong Kong Buyers Rush to Snap Up Homes After Curbs Removed
- Homebuyers speed up purchases in fear of future price hikes
- Home values are still expected to fall, according to analysts
Locals familiar with the market aren’t the only eager buyers. Demand is also coming from non-residents, now that they are no longer subject to additional taxes.
Photographer: Lam Yik/BloombergThis article is for subscribers only.
Ray Yuen waited for months for someone to buy his Hong Kong home so he could upgrade to a bigger one for his family. But there were barely any offers, and the ones he received were ridiculously low.
Then everything happened very quickly. Soon after Financial Secretary Paul Chan announced the removal of all extra property levies last week, Yuen’s 340-square-foot (32 square-meter) apartment got a lot more viewings. By Saturday, he sold it with a small discount that he found acceptable. The next day, he signed the contract to buy another property.