The potential supply of first-hand private residential units in Hong Kong for the next three to four years stood at approximately 102,000 as of the end of last month, up 1,000 units from the previous quarter, marking the end of a five-quarter losing streak.
According to data released by the Housing Bureau for the third quarter, the number of completed but unsold units fell by 1,000 to 26,000. Meanwhile, unsold uncompleted units decreased by 2,000 to 62,000. Conversely, units on approved land that can commence construction at any time saw a significant increase of 4,000, reaching 14,000.
The data also revealed a sharp decline in construction activity. Only 800 units started construction last quarter, representing a year-on-year plunge of over 79 percent and a quarter-on-quarter drop of 68 percent.
Furthermore, the number of completed units in the last quarter was 3,300. This is a decrease of over 13 percent compared to the same period last year and a fall of over 28 percent from the previous quarter.
