Hong Kong's new private housing units expected to be 17,120 in 2017: govt

HONG KONG - The number of new private housing units for completions in 2017 is expected to be 17,120, up 17 percent from a year ago, the Rating and Valuation Department (RVD) of the Hong Kong Special Administrative Region (HKSAR) government said Friday.

According to the "Hong Kong Property Review 2017" released by the organization, 60 percent of completions will come from the New Territories.

In 2018, the number of units forecast for completions is 19,530, up 14 percent from a year earlier, and the New Territories remains to be the major supplier providing 43 percent of the total supply, the report said.

Completions in 2016 increased by 29 percent to 14,600 units, while vacancy at 2016 year-end edged up marginally by 0.1 percent to 3.8 percent of the total stock, equivalent to 43,660 units, according the report.

A spokesman from the RVD said the residential property market consolidated in early 2016. Prices rebounded in the second quarter, while rents picked up in the third quarter and the rising trend was remained in the fourth quarter, the spokesman said.

Comparing with the third quarter in 2016, prices and rents went up by 6.1 percent and 1.6 percent respectively in the fourth quarter last year, according to the report.

To cool down the housing market in Hong Kong, the HKSAR government officials have made comments at various events that the HKSAR government engages to boost housing supply and will not loosen the cooling measures in the next few years.