Over 24,000 private residential units will be completed in Hong Kong by 2024, reaching a 20-year high.

Chen Haichao, director of the research department at Ricacorp Properties, stated that due to delays in construction progress last year, according to the latest data released by the Buildings Department today, there were no private residential projects started in Hong Kong in December 2024 (based on the notification of commencement of building construction received by the Buildings Department), marking the third zero start within the year after June and November. The total number of residential units started construction last year was 5,030, a decrease of 58% from 12,018 units in 2023, setting a record low in the past twenty-three years. In addition, in terms of the completion of private residential units, according to the latest monthly report released by the Buildings Department today, a total of 15 projects with 5,584 private residential units were completed in Hong Kong in December 2024 (based on the number of buildings for which occupation permits were issued by the Buildings Department), reaching a new monthly high of 268 units, an increase of 38% from 4,041 units in November. Throughout the year, a total of 64 projects involving 24,263 private residential units were completed, surpassing the original estimated annual forecast by nearly 9%, and increasing by 75% from the 13,851 residential units completed in 2023, marking a twenty-year high since 2005. According to the data, in December, a total of 15 private residential projects were officially completed in Hong Kong, with the largest being the Kowloon Tong Tien1 and Tien2 of Kai Tak Sky Crest, involving 1,490 residential units; followed by The Pavilion in Kowloon Bay involving 807 residential units; Kai Tak Sky Crest II (644 residential units), III (644 residential units) and I (592 residential units) in Tseung Kwan O, Tolo Harbour Hill in Tai Kok Tsui (582 residential units), Aoba in Shau Kei Wan (156 residential units), Dragon's Court No. 8 in Penfold Mountain (133 residential units), 16 Soy Street in Mong Kok (126 residential units), One Jardine's Lookout in Happy Valley (123 residential units), Ching Tin in Aberdeen (110 residential units), Coasto in Ap Lei Chau (93 residential units), 111 Dai Tong Road in Yuen Long (82 residential units), 6 De Yun Road in Kowloon Tong (1 residential unit), and Money Garden in Sheung Shui (DD92 LOT2598 RP) (1 residential unit) were also completed during the period. By region, in the whole year of 2024, there were a total of 19 projects with 11,556 units completed in the New Territories, accounting for approximately 47.6% of the total; 28 projects were completed in Kowloon, involving a total of 11,015 residential units, accounting for approximately 45.4% of the total private residential completions; and 17 projects were completed on Hong Kong Island, involving 1,692 residential units, accounting for approximately 7.0% of the total private residential completions. Chen Haichao pointed out that the number of private residential units completed in 2024 exceeded the estimated 22,267 residential units by nearly 9%, due to delays in some projects originally scheduled to be completed in 2023. He estimated that the completion volume in 2025 will stabilize, with a preliminary estimate of 19,000 to 20,000 residential units.