(Bloomberg) -- Hong Kong’s new home sales surged ten-fold after the government removed measures to cool the property market in its budget last week. 

The city saw 117 daily sales of new homes in the five days since the curbs were lifted on Feb. 28, compared with an average of just 11 in the two months before the policy shift, according to a report by real estate agent Midland Realty. 

The government last week took major steps to boost the ailing property market by loosening mortgage rules and removing all of the extra taxes designed to cool demand. Non-residents don’t have to pay a combined 15% tax when purchasing properties, while owners can sell their homes any time without paying a special duty.

Read more: Hong Kong Home Sales Surge on Weekend After Curbs Lifted (1)

Sammy Po, chief executive officer of the home division at Midland Realty, said the relaxation gave an instant boost to the property market, and estimated new home sales to hit a one-year high of 2,000 in March. 

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