Residents binge on flats

Hong Kong’s residents boost the property market with a surge of purchases in March.

Residents can also look forward to the close to 12,000 flats and other building units that are expected to be built within the year.

The Land Registry said 11,358 of the 14,306 sale and purchase agreements for all building units in March went to residential flats, or 80% of the total. Residential buyers spent $59 billion for their flats, or 79% of total purchases for March ($74.8 billion).

The March figure for total sale and purchase agreements was higher by 177.4% compared to February and up 7.9% year-on-year. Total sales value for residential units was $59 billion, up 210% on February and 13.8% year-on-year.

On the other hand, the Rating & Valuation Department estimates 11,890 private domestic units will be built this year and 14,930 in 2013.

This year, 54% of these units will be built in the New Territories, with Sha Tin contributing 16% and Tuen Mun 11%.

The department said 9,450 unit were built last year, down 30% on 2010. Of the units built, 72% were in the New Territories, 17% in Kowloon and 11% on Hong Kong Island.

Sha Tin provided the largest number of new units (29% of overall completions) followed by Tseung Kwan O (26%).