Monday, July 28, 2014   

Small flat prices to fall on more supply: expert
(07-15 11:07)

A property expert says there is still room for a 15 to 20 percent drop in the price of small flats under 700 square feet.
Speaking to RTHK on Tuesday morning, the chairman of Professional Property Services, Nicholas Brooke, said he only expected prices to drop when the supply of property significantly increases next year and into 2016.
Lawmakers are expected to formally endorse a bill to double stamp duty on property transactions later on Tuesday. The government announced the measure last year in a bid to tame soaring prices.
Brooke said he did not expect the government to consider relaxing this or other special property taxes until the heat was taken out of the market, which was unlikely to happen until there's greater housing supply. --RTHK   
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