RICS response to Hong Kong Budget 2024-25

Despite the financial challenges and geopolitical uncertainties, Hong Kong is moving ahead steadily. With the Budget 2024-25, RICS would like to provide some response and comments as below:

Land, Housing, and Transport:

The allocation of resources towards land, housing, and transport in the Hong Kong Budget 2024-2025 is commendable. As an institution deeply involved in the management and development of land and housing, RICS appreciates the emphasis placed on addressing the housing shortage and improving transportation infrastructure. However, we urge the government to ensure that the implementation of policies is carried out efficiently and effectively to alleviate the housing crisis and enhance transportation accessibility for all citizens, with the elements of sustainability and enhancing community experience.

Innovation and Technology:

The focus on innovation and technology in the budget is a positive step towards enhancing Hong Kong's competitiveness on the global stage. RICS recognizes the importance of integrating innovation and technology into various sectors, including real estate and construction. We encourage the government to continue investing in research and development initiatives that promote innovation and technological advancements, particularly in areas such as smart cities, sustainable construction practices, and digitalization of property management processes.

Green Future:

The commitment to a green future outlined in the budget aligns with RICS' vision of promoting sustainable development in the built environment. We welcome initiatives aimed at reducing carbon emissions, enhancing energy efficiency, and promoting green building practices by assisting companies and financial institutions in sustainability reporting and data analysis. RICS supports the government's efforts to incentivize sustainable development projects and encourage the adoption of environmentally friendly practices across the property sector.

Property Market and Cancellation of Stamp Duty:

The decision to cancel the Special Stamp Duty, Buyer's Stamp Duty, and New Residential Stamp Duty for residential properties is a significant development in the property market. While this move may stimulate market activity, RICS advises careful monitoring to prevent potential speculative behavior and ensure market stability. It is crucial for the government to implement measures that promote a healthy and sustainable property market, balancing the needs of both buyers and sellers while preventing excessive volatility.

In conclusion, RICS acknowledges the government's efforts in addressing key areas such as land, housing, innovation, technology, and sustainability in the Hong Kong Budget 2024-2025. However, we emphasize the importance of continued collaboration between the public and private sectors to achieve long-term prosperity and resilience in the built environment. We remain committed to supporting initiatives that contribute to the sustainable growth and development of Hong Kong's property sector.