The Legislative Assembly has unanimously voted to scrap all curbs on Macao’s ailing property market.
According to Macau Post Daily, the legislation will be promulgated soon in the Official Gazette and take effect a day later. It will mean the end of 10 percent stamp duties levied on non-resident property buyers, those buying a third residential property, and those who sell a property within two years of its purchase.
[See more: Everything you need to know about buying property in Macao]
The imposts were originally intended to curb speculation but have been rendered unnecessary in a property market that has seen several consecutive periods of falling prices.
Their removal follows the scrapping in January of a 5 percent stamp duty on buyers of a second home.
[See more: Enquiries have increased with the lifting of market curbs, top realtor says]
The moves will be welcomed by a real estate sector that has long called for market liberalisation.
At a press conference this week, representatives of the Centaline property agency said the average monthly number of transactions could now be expected to rise, but prices would not necessarily follow suit until developers had shifted existing inventory.
