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increase the supply of affordable hous- ing while raising transaction costs for would-be speculators. The measures have already been
approved by Chief Executive Fernando Chui Sai On, who said one of the govern- ment’s main tasks was ensuring housing was affordable and that the property market developed in a “healthy way”.
Affordable land Chief among the measures, the govern- ment said it would auction a plot of land this year. The size and location of the lot have not been made public. Mr Lau said any development on the land would only be smaller units of around 800 square feet, about 74 square metres. Although the smaller-sized fl ats
should be relatively affordable, the gov- ernment has ruled out setting a ceiling price for either the land or the apart- ments. Mr Lau said the highest bidder would get the parcel and the developer could sell the fl ats at a price it thinks is suitable. “It’s a free market,” he said. Meanwhile
the government will
work with developers to convert old in- dustrial buildings into homes. Mr Lau said several owners of industrial prop- erty had shown interest. The govern- ment predicts up to 10,000 new fl ats could reach the market new scheme.
Reins pulled on
speculators T
he government has announced a package of measures it hopes will help curb rising property prices. Land supply for affordable hous-
ing will be eased, changes to duties, stricter mortgage requirements and an overhaul of legislation are included in the measures. Proposed changes to
The government is moving to restrain galloping property prices and curb speculation with measures rolling out this month, and there is the promise of more to come
laws include the regulation of real es- tate agencies by the Housing Bureau, among others. The moves have won broad support
from the real estate industry. The Secretary for Transport and
Public Works Lau Sio Io said the gov- ernment’s overarching aims were to
Higher costs for buyers There are also plans to increase transac- tion costs by cancelling the 0.5 percent intermediate transfer duty. All property transactions will now
be subject to the full stamp duty, which ranges between one percent and three percent, depending on the value of the property. First-time homebuyers will remain exempt. A draft of the law to accommodate the change will be sent to the Executive Council this month and then to the Legislative Assembly for approval. The loan-to-value ratio for bank
mortgages will be tightened, effective from December. Buyers of properties worth more than MOP3.3 million will be able to get a loan for a maximum of 70 percent of a property’s value. If the property is cheaper, the maximum loan will be 90 percent of its value – but only for Macau residents and only up to a limit of MOP2.31 million. Monthly mortgage payments should not be more than half of
the OCTOBER 2010
through this
Photo: Luís Almoster |
mspagency.org
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