A new law that scraps the 5 percent stamp duty aimed at buyers of second homes was unanimously passed by the Legislative Assembly yesterday, according to multiple local media reports.
The legislation is part of the government’s strategy to relax market cooling measures that it had put in place since 2010, but are now seen as unhelpful to the post-pandemic recovery of Macao’s property market.
However, the new law, which will apply retroactively from 1 January, retains the 10 percent stamp duty levied on people who already own two residential properties and are intending to purchase additional ones.
[See more: The government plans to relax property cooling measures in 2024]
Other measures that the government has implemented to help stimulate Macao’s property market include relaxing regulations on mortgage rates.
The latest figures from the Statistics and Census Service show that the property price in 2023 dropped by 5.7 percent year-on-year.
The 2023 GBA Residential Guide from realtor Jones Lang LaSalle said that “interest rate hikes, global economic slowdown and slowing economic recovery in mainland China” were weighing on Macao’s property market.
