The calculation of stamp duty when buying HK property is something many people are confused about. I was asked about this some time ago, and there was also a recent comment on this topic on my Park Island blog topic: What will HK property prices do suggesting that the current tax system on HK property made Park Island quite desirable in terms of value for money. I'll try to provide a guide to HK property stamp duty in a simple way for readers. First, you need to look at the value of the HK property you are buying. Below are the stamp duties to pay on buying Hong Kong property. Legally, its the buyer who pays, although you can negotiate for the seller to cover some or all of it, but as far as the HK Inland Revenue Department is concerned the buyer must pay it:
Amount or value of the consideration
Rate ExceedsDoes not exceed
$2,176,470 $30,000 + 20% of excess over $2,000,000
Here are some pics of a Park Island apartment with stunning 360 degree ocean views, that was recently rennovated and is now being put up for rent by the owner/designer. It was originally 4 bedrooms, with maid's room, but now is converted into 3 bedrooms, with a HUGE living area, and open kitchen. It looks to me like they have done a really nice job. A very modern, open, minimalist-style rennovation. They also have a large terrace blacony that opens up from the living room, and has two bathrooms. The owners are asking around the 50K mark, all inclusive. They note that a similar apartment rented for 65K, and that the apartment above theirs is rented for 50K. Whilst I have not yet seen inside the new Phase 6 Park Island villas on Ma Wan, I would think that the views from this apartment must be better as its much higher up. If you are interested please contact Mrs Chan, on +852 62218673 or email me on firstname.lastname@example.org and I will pass your email on to her. Here are some photos…
Its pretty damn hot in HK right now, And I mean both the weather AND the property market.
People are making good use of the pools on Park Island and the ocean and beachs at Ma Wan, and agents are doing well for themselves selling to property to eager buyers who seem to be of the view that demand for property in HK is going to rise in the coming months and years ahead.
Property prices are at record historical prices, but this is of course also the case in many other major cities in the world, whether Sydney, London, Berlin, New York, Shanghai.
Many experienced property analysts who have seen prior cycles believe that the fundamental conditions need to support a new boom over the next few years are firmly in place. Looking at the Centadata property graph below, many are expecting a new peak to get up to 200 on their price graph by the end of 2018 as the market starts to accelerate.
This weekend we saw may buyers, (probably a significant number being mainlanders) eagerly lining up to b…