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Hong Kong's private housing land supply is projected to exceed the original annual target by 20%, supported by a positive market outlook from developers. Two additional residential sites will be offered in the coming quarter, with total supply expected to facilitate around 16,000 homes. Property prices have seen steady gains, rising 0.9% in November and 2.8% this year, following a sharp decline from 2021. The market recovery is aided by interest rate cuts and a strong stock market, even as commercial land sales remain paused due to weak office demand.
The Hong Kong government has indicated that private housing land supply for the current financial year is likely to surpass its original target by 20%, reflecting renewed optimism from property developers. Authorities plan to offer two additional small-to-medium residential sites for tender in the January-March quarter, both located in prime downtown areas. Advertisement
Combined with other sources, including private development and redevelopment projects, the available land this year is expected to support nearly 16,000 residential units. The Secretary for Development, Bernadette Linn, highlighted that the anticipated overshoot shows the private market is regaining momentum and picking up pace. She added that the government is facilitating this process through land sales, which is why the two new sites are being released even though the annual target may already be met.
Private home prices in Hong Kong, among the least affordable globally, rose 0.9% month-on-month in November, marking the sixth consecutive month of increases. Analysts attribute the growth to recent interest rate cuts and a robust stock market, which have improved market sentiment. Overall, prices have climbed 2.8% this year, after a significant drop of nearly 30% from a 2021 peak. The previous decline had been driven by high mortgage rates, a weaker economic outlook, and reduced demand following the departure of many professionals amid strict COVID restrictions and new national security laws.
The government has continued to withhold commercial land sales since the 2023/24 financial year, citing persistent weakness in office space demand.
Source Reuters
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