Financial Secretary Paul Chan says the government does not rule out re-introducing property market cooling measures if necessary.

Various extra stamp duties, introduced more than a decade ago to curb speculation, were lifted in Chan's latest budget on Wednesday.

"Nowadays, there is almost no speculative activity. On the other hand, the supply [of homes] in the future, as well as currently, is very sufficient. So it is a suitable time to remove the spicy measures," he told a phone-in programme on Thursday.

Chan added that there is no need for any excessive pessimism regarding how the market will react to the removal of the "spicy measures".

"If there's a change in the market situation, we can always introduce these measures again," he said.

"The government will closely monitor the market situation and act accordingly if necessary. Under normal circumstances, we let the market develop."