RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Government estimates 96,000 units in private flat supply

This represents 1,000 less flats than the previous estimate.

The government estimates the private flat supply at 96,000 units that will be available in the next three to four years representing 1,000 less than the previous estimate, according to a government press release. 

This includes 9,000 unsold units in completed projects at the end of March, reported the Transport and Housing Bureau. More than half (55%) of the unsold units came from 2017 whilst 1000 units were left over from 2016 and Q1 2018. 2,000 units from before 2016 also remained unsold.

Also read: Homes grow more unaffordable as prices climb for 23rd consecutive month

There were 64,000 units under construction, excluding those pre-sold by developers, and 23,000 units from disposed sites where construction can start any time.

Also read: Land shortage exceeds government estimtae of 1,200 hectares

The number of flats under construction in Q1 was 5,600, while the number of units completed for the period was 1,200.

Photo from WiNG - Own work, CC BY 3.0

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