33,000 new flats forecast next year

About 33,000 new flats could be launched next year, a real estate agency executive says.

Sammy Po Siu-ming, chief executive of Midland Realty said developers are not aggressive in launching new flats next year. 

The number of registrations of secondary units next year will hit a nine-year high of 50,000, Midland estimates.

The total value of secondary units next year will hit an 11-year high of HK$420 billion.

The property price this year fell by just 0.3 percent despite the pandemic. This compared with a drop of 12 percent in the 2008 financial tsunami.

Sales of new flats fell in amount and number.

Transactions of new untis is estimated to be down by 21.9 percent to 14,500. The total amount of new unit sales is estimated to fall by 19.4 percent to HK$162 billion.

The number of newly-launched flats fell by 28.2 percent to 13,146.

But deals of secondary flats worth HK$6-HK$10 million outperformed. Registrations of secondary flats surged by 42.7 percent to 18,588. Secondary flats worth HK$20 million fell the most, with a drop of 15.7 percent year-on-year.

Registrations of secondary units is estimated to rise by 13.9 percent this year to 47,000. Sales of such units is estimated to rise by 14.1 percent to HK$377 billion.

Midland Realty said the government should relax the mortgage cap for residential property worth over HK$10 million to 70 percent.