M2m condos sales office . The waist of the mansion is chopped. In order to curb the risks caused by the rapid rise in house prices, a number of economies around the world have introduced measures to restrict foreign home purchases and make it more difficult to assess housing credit, especially in economies flocked to by foreign speculators.Please Visit: M2m condos sales office to Get Your VVIP Registration Today!
New Zealand, for example, has introduced measures to ban the sale of second-hand homes to foreigners. In Australia, Victoria levies an extra 7 per cent stamp duty on foreign buyers, twice as much as before. New South Wales and Queensland also impose additional stamp duties of 8 per cent and 3 per cent on foreign buyers. Even Victoria and Melbourne impose an additional tax of 1 per cent on the total price of houses left vacant for six months or more each year.
In Canada, Vancouver has adopted a series of new policies on the property market. Since February, Vancouver has raised the transfer tax on homes worth more than C $3 million from 3 per cent to 5 per cent; the provincial government of British Columbia, where Vancouver is located, has also made it mandatory to register the files of buyers of uncompleted apartments to find out where the speculators come from. These include a speculative tax of 0.5 per cent this fall, which will rise to 2 per cent by next year, and a 20 per cent tax on overseas buyers.
The direct result of these property market moves has been a sharp fall in house prices in some cities in these economies, with Sydney and Melbourne in Australia falling 7.4 per cent and 4.7 per cent respectively in October from a year earlier. Meanwhile, the Australian house price index fell for the first time since 2011. A new analysis by UBS concludes that house prices in Australia could fall by 30 per cent in a deep recession.
