The Financial Secretary of the Hong Kong Special Administrative Region announced the 2024/25 fiscal budget on February 28, 2024, outlining a series of measures to benefit the economy, businesses, and citizens. Announcements related to real estate include:
- Abolishing all demand-side management measures for residential properties and adjusting financial measures for non-residential property mortgage loans
- Maintaining a stable supply of public and private housing
- Promoting the “Mega Event Economy” and showcasing local characteristics to accelerate the recovery of the tourism and retail industries
- Attracting strategic enterprises to promote economic development and industry diversification
- Developing the Northern Metropolis in an industry-led and infrastructure-first manner
Cushman & Wakefield believes that the newly announced policies and measures can help stimulate Hong Kong’s economy, inject vitality into the market, support citizens’ employment and meet local housing demand. In parallel, they also help the city to seize future opportunities and move towards a greener future with diversified yet high-quality development.
