Property veteran proposes lower stamp duty for first-time homebuyers

Hong Kong should lower the stamp duty for first-time homebuyers to help more young people secure housing in the coming budget scheduled for 26 February, 2025, said Stewart Leung Chi-kin, chairman of the Real Estate Developers Association.

Leung said the property tax cut would boost the local economy, which should be the city's priority amid global uncertainties.

While holding a bearish outlook for global economy, Leung thinks Hong Kong has a chance to perform well, as mainland China’s economy remains strong and resilient.

However, Leung does not believe there will be a world war despite escalating global trade tensions under US President Donald Trump’s new term.

Regarding the Northern Metropolis development, Leung revealed that authorities have promised to address concerns and make an announcement in March.

Leung said the existing terms are not clear enough and developers wanted to know more about the plans related to public transportation and infrastructure in the district.

The property veteran projects that Hong Kong home prices will jump at least 15 percent by the end of this year, but the recovery will come “gradually” as the global economy remains cloudy.

Meanwhile, Ricky Wong Kwong-yiu, managing director of Wheelock Properties, said the developer will launch seven new projects this year.

THEMIS QI