Foreign property buyers increase in Hong Kong

Transactions involving three major stamp duties rose 46% MoM in December.

Hong Kong saw an increase of overseas buyers in its property market as reflected by the 377 transactions where three major stamp duties --- Special Stamp Duty (SSD), Buyer’s Stamp Duty (BSD), and New Residential Stamp Duty (NRSD) --- were involved.

According to Savills, the December transactions involving the three stamp duties amount to $332.4m and reflect a 46% MoM increase.

Special Stamp Duty collected in December 2023 was $6.5m, whilst the Buyer’s Stamp Duty reached $77.8m.
Meanwhile, the amount of duty charged with AVD at Scale 1 rates collected was $248.1m in December 2023.

For 2023, however, there were only 2,811 transactions, marking a nine-year low since records began.

Some of the significant transactions include the high-zone Unit B of GRAND AUSTIN Block 2, Kowloon Station sold for $45.7m, the 50/F Unit A of Grand Central Block 1, Kwun Tong sold for $40.2m, and a mid-zone unit of Baguio Villa Block 30, Pok Fu Lam worth $34.5m.