1 March 2024. Ryan Choi, general manager of Ambiente Macau was interviewed by Ponto Final to give his thoughts on the impact in Macau of Hong Kong’s cancellation in February of restrictive measures for the real estate industry there.
Ryan believes that Macau will likely need to follow suit to support a flagging real estate market here but that the authorities may not “take a big step all at once” as Hong Kong did. In Macau local authorities recently scrapped the 5% stamp duty on second home purchases.
In an effort to stimulate the real estate sector, Hong Kong’s Finance Secretary Paul Chan announced the elimination of 3 restrictive measures that had been in force for 13 years as a way of containing speculation in property market prices. “We have decided to cancel all measures to manage the demand for residential properties with immediate effect” he declared when presenting his annual budget to the city’s Legislative Assembly. “We consider that the measures in question are no longer necessary, taking into account current economic and market conditions” he added.
In Macau, the real estate market has also felt the pressure of similar restrictive measures. “The Government should consider the possibility of completely lifting cooling measures to save the fragile real estate market” was commentary from the real estate firm JLL.
For the full article (in Portuguese), click this link.
