RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Government disclosure of upcoming flats' total gross floor areas urged

To get actual housing supply's big picture.

The Hong Kong government recently announced the latest figures on private housing supply and Hong Kong Property Review.

According to a research note from JLL, the figures in terms of total gross floor areas of flats being constructed should also be disclosed by the government.

Cliff Tse, Regional Director of Valuation Advisory Services at JLL, has the following comment: “Construction work of 19,100 flats started in the third quarter this year, the highest level since the research started in 2006. It seems that the housing supply would be on track to have 93,000 units in three to four years' time.

Here's more from JLL:

But in recent months, there are certain supply of small flats sized less than 200 sq ft, which may only be large enough for singleton households. The government should disclose not only the numbers of units and also the figures in terms of total gross floor areas of flats being constructed. It could reveal the whole picture of actual supply.

He expects those units started construction in 2016 could be launched for pre-sale as soon as early 2018. According to the figures of Rating and Valuation Department, average property price is just 6% below the record high set at September 2015, after it grew 1.91% month-on-month in August. In short run, given banks are competing on low mortgage rates, the current momentum of home price increases will continue for the coming 4th Quarter.

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