Macau (MNA) – The Macau Legislative Assembly approved on Tuesday the general law proposal to create an additional stamp duty on the acquisition of more than one property for housing, with tax to be set at five percent for a second home and 10 percent for a third home.
This was the second law approved today with the intent to control real estate speculation and mitigate the lack of affordable housing in the city, with a law proposal that increases taxes for owners of abandoned or unused properties having also been approved.
The Chief Executive had requested that the two law proposals be debated and voted at the legislature as ‘an urgent matter’
Legislators Ng Kuok Cheng and Au Kam San casted the only votes against the proposal, with the former considering the measure insufficient to solve local housing woes.
This is only a fiscal measure that doesn’t solve the high prices of renting or the low house supply. It doesn’t solve the main issues and that’s why I voted against,” he added.
Both legislators requested that the government provides more land supply for affordable or public housing, with government representatives informing some 41,000 public housing units will be provided in mid and long term.
