Finance Minister Paul Chan said in his annual budget speech on Wednesday that Hong Kong has stopped three major property transaction taxes in a bid to revive the depressed housing market.

Chan revealed that Hong Kong has scrapped three types of stamp duty, noting that the country has reversed measures introduced more than a decade ago to curb speculation and rein in sky-high property prices.

He  told the legislature; "After prudent consideration of the overall current situation, we decide to cancel all demand-side management measures for residential properties with immediate effect. 

"No Special Stamp Duty, Buyer's Stamp Duty or New Residential Stamp Duty needs to be paid for any residential property transactions starting from today.

"We consider that the relevant measures are no longer necessary amidst the current economic and market conditions." Chan said.

Hong Kong has long been among the world's least affordable residential markets, but property prices have retreated.

China's post-pandemic reopening boosted the city but those gains were wiped out as the nation's economic recovery fizzled and interest rates continued to rise.