Hong Kong hikes stamp duty for luxury homes as sales rebound
Developers have made a number of high-profile luxury property sales in the past few months
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[HONG KONG] Hong Kong is hiking stamp duty for luxury home transactions following a recent flurry of activity in the market.
Stamp duty on residential property transactions valued above HK$100 million (S$12.8 million) will be raised to 6.5 per cent from 4.25 per cent, the city’s financial secretary Paul Chan said in a Budget speech on Wednesday (Feb 25).
The new measure is expected to affect approximately 0.3 per cent of residential property deals in the city and bring in around HK$1 billion of revenue each year, according to Chan.
The plan still needs to get approval from the Legislative Council but it will take effect from Thursday, Chan said.
Developers have made a number of high-profile luxury property sales in the past few months, including a couple of mansions sold for HK$2.2 billion by Swire Properties.
There were 81 deals for residences valued at more than US$10 million in the last quarter of 2025, the most since late 2021, according to Knight Frank.
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Home prices in the city rose almost 3.3 per cent last year, their first annual increase in four years.
Wall Street firms, including Citigroup and Morgan Stanley, are predicting values will jump further this year, fuelling renewed interest from buyers. BLOOMBERG
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