Macau (MNA) – Without a sufficient supply of housing in the market, prices would still increase despite policies implemented to control the demand for housing, stated the Secretary for Economy and Finance Lionel Leong Vai Tac at the Legislative Assembly (AL).
Legislator Ho Ion Sang asked the Secretary whether the Macau SAR government would consider to roll out policies such as prohibiting home buyers who already possessed two properties.
Speaking during the plenary session on Friday, Secretary Leong said housing price would increase despite demand control policies implemented, he cited from conditions happened in other regions that buyers would be accustomed to the policies, leading to a “dry growth of price”.
The Secretary emphasised that the effectiveness of policies in controlling demand of housing depends on the supply of housing units.
Regarding the rental market, the Secretary reiterated that the government is currently carrying research on implementing vacancy tax to flat units that are not in use, as well as to reduce the property tax for rentals to the same rate of property tax for living.