Forecast private housing completions for 2016 hit a 10-year high

According to the forecast of the Rating and Valuation Department, a total of 20 140 private residential units will be completed in 2016, which is 71.7 per cent higher than the average annual production of 11 728 units between 2005 and 2014, 51.5 per cent higher than the forecast for 2015, and 28 per cent higher than the actual number of completions in 2014. I would like to thank my colleagues in the Development Bureau and other departments concerned for their great efforts.

Private housing production has been low over the past decade due to various reasons. This, coupled with the relatively low cost of capital in recent years, has resulted in an undersupply of housing units and a steady increase in property prices. We have to increase supply to tackle the problem at source.

Housing is the top priority of the current-term Government. To the middle-income group, private residential units are a major source of housing supply. The Government hopes that local communities will co-operate with our land development efforts so that more public and private housing units can be provided as early as possible to help our people realise their dreams of buying their own homes or moving into public housing.

May 7, 2015