New housing starts rocketed 31% to 13,900 units

Reaching 99% of 2013's data.

Hong Kong developers started work on 1,600 units in 3Q 2014, and this has brought 9M 2014 starts to 13,900 units.

According to a research note from Barclays, this is up 31% y/y and has reached 99% of the full year housing starts in 2013.

The report noted that sequentially, the 3Q 2014 new housing starts of 1,600 units is down from 4,300 units in 2Q 2014.

However, Barclays noted that it did warn back in 1Q that new housing start figures tend to be lumpy and with 8,000 units started in 1Q 2014, the drop in housing starts in 3Q more likely reflects a timing issue.

Here's more from Barclays:

Furthermore, among the 74,000 units of primary housing supply, as there were 15,000 units from disposed sites where construction work has yet to start, we believe housing starts should pick up again in the coming quarters.

Year to date, the addition of the 3Q starts now brings housing starts to 13,900 units.

Compared to 9M 2013, this is up by 31% y/y and is only marginally below the starts of 14,100 units seen in full year 2013.