Financial Secretary John Tsang warned that prices of smaller flats have risen again in recent months.
According to his weekly blog on government portal news.gov.hk, buyers of this particular segment are most vulnerable to market volatility. Tsang said he is very concerned with how this market is trending currently.
He urged prospective flat buyers to exercise caution before making any decision, and to pay attention to interest rates and market trends.
Meanwhile, the financial secretary said he was hugely relieved after the Legislative Council finally passed the Double Stamp Duty bill with 49 votes in favor and seven against at a late night session last Thursday, just in time to be concluded within the current legislative year.
The measure was the third rolled out by the government, after the Special Stamp Duty in 2010 and the Buyer Stamp Duty in 2012, all of which are aimed at increasing the cost of property purchases and minimizing bubbles in the market, Tsang explained.
These tools have proven to be effective in managing buyers’ needs, resulting in a more stable property market, he said.
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