Li Jia Ge's Liao Wei Qiang: The budget proposal is steady and conservative, estimating a 10% increase in property prices this year

Lijia Ge Real Estate President Liao Weiqiang stated that with the property market clearly recovering, it is expected that Financial Secretary Paul Chan did not introduce any new measures to stimulate the property market in the latest "Budget," to avoid overheating the market and causing future instability. Therefore, focusing on strengthening the local economy next year and improving the economy to align with the rising property market is the most prudent approach.

Liao Weiqiang pointed out that the new "Budget" does not include new measures to stimulate the property market. On the contrary, the stamp duty on residential properties over HKD 10 million has been raised from 4.25% to 6.5%. This move will not significantly impact the general public market; as the authorities indicated, it follows the principle that those who can afford to pay more should do so. He believes this will have a slight but not severe impact on such buyers. As for developers, they are expected to offer various incentives, such as free parking spaces or renovations, to offset the impact, so the increase in stamp duty on such properties will have limited hindrance on transaction volumes.

On the other hand, benefiting from the faster-than-expected improvement in Hong Kong's public finances, this year's operating accounts have returned to surplus. Therefore, in the new fiscal year, there will be further reductions in rates and taxes, which will slightly alleviate the burden on citizens. However, more importantly, the Hong Kong government continues to focus on expanding the economy, implementing technology-driven and finance-enabled initiatives, and pursuing diversified development to benefit the public. Additionally, the ongoing introduction of high-skilled talents and investment immigrants will help increase economic momentum, and the property market will also improve further with the economy. Liao Weiqiang concluded that this "Budget" can be described as steady and solid, which will definitely have a positive effect on the property market. He is confident that property prices will conservatively rise by 10% by 2026, and if optimistic factors emerge, they could increase by as much as 15%