Private housing supply in Hong Kong is expected to hit an 11-year high within the next three to four years, with some 87,000 private residential units becoming available by 2018-19, according to the Transport and Housing Bureau.
That means the potential average annual home supply will be 21,750 in the next few years, beating the government's target of providing an average of 19,000 residential units every year.
The 87,000 figure is derived from the 6,000 unsold units in completed projects, plus 53,000 units under construction and 28,000 units from disposed sites where construction may start anytime.
"This indicates housing supply increase has been healthy, which would satisfy the demand for private residential units," said Cliff Tse, national director at Jones Lang LaSalle's Valuation Advisory Services.
"The mass residential market has been (in the grip of a) slowdown due to the anticipation of a rate increase and the volatility in global investment markets since the fourth quarter last year. With supply of new flats normalizing in the coming years, home price growth would be suppressed to a certain extent," Tse said.
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