Hong Kong sees record private housing completions in 2024

The surge in completions was driven by concentrated supply in Kowloon City, Yuen Long, and Tuen Mun.

Private housing completions in Hong Kong soared by 75% in 2024, reaching 24,260 units, the highest annual figure in recent years. Yet despite the sharp increase in supply, home prices continued their downward slide, dropping 7.2% YoY, according to the government’s Hong Kong Property Review 2025.

The surge in completions was driven by concentrated supply in Kowloon City, Yuen Long, and Tuen Mun, which together accounted for 66% of all new units.

However, the uptick in housing stock did little to lift market confidence. By year-end, the vacancy rate rose to 4.5%, with nearly 58,000 units sitting empty — more than 14,000 of which remained unsellable due to missing compliance certificates.

Whilst home prices declined for the third consecutive year, transaction volumes jumped 23% as developers turned to aggressive pricing to move inventory. “The competitive pricing strategies adopted by developers to boost primary sales” helped unlock pent-up demand, the report noted.

Meanwhile, the rental market outperformed sales, buoyed by an influx of non-local talent and a shift from buying to leasing. Residential rents climbed 3.3% by December, marking a rare bright spot in an otherwise subdued property landscape.

Looking ahead, the government forecasts another 20,860 units to be completed in 2025, with Kowloon City again expected to lead new supply. But with financial liquidity still tight and buyer sentiment cautious, the outlook for sustained recovery remains uncertain.