Over 60,000 new flats to hit HK market
(CRIENGLISH.com)
Updated: 2006-07-24 09:33
The latest Hong Kong SAR government figures show about 61,000 new flats will
be available for sale in the coming years, pointing to a steady supply on the
market.
Analysts estimated 18,000 flats would be built this year, the highest since
2001, when the number was 18,300. The market then entered a mature phase, when
supply and demand stabilized.
Statistics on private housing supply, released by the Housing, Planning and
Lands Bureau, also showed the market has 18,000 completed unsold flats. Another
45,000 units are currently under construction. Work on 10,100 of them began only
in the past six months.
After discounting the 2,000 flats under construction that have been sold, the
total number of unsold residential flats in the coming years would stand at
61,000 units.
The number of new flats sold last year was 16,000. Analysts estimate the
sales figure this year would be around 12,000. Last year 17,300 flats were
completed, down from 26,000 in 2004.
Chief analyst of Midland Realty, Buggle Lau Ka-fai, attributed the small
number of new flats being snapped up - 2,000 units in the past three months - to
developers' lukewarm attitude towards selling.
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