Midland Realty: It is expected that about 60% of the private residential properties to be completed in Hong Kong by 2025 have already been sold, reaching a near 3-year high.

Senior Co-Director of the Research Department at Midland Realty, Yang Mingyi, pointed out that it is estimated that nearly 60% of the Hong Kong private residential properties scheduled to be completed by 2025 have been sold by the end of the third quarter of this year, with a sales ratio of 57.2%, compared to 51.2% in the second quarter, an increase of 6 percentage points. Yang Mingyi stated that with developers actively launching new projects, the sales speed of first-hand properties this year has been ideal, and it is expected that the remaining units will gradually be sold. In addition, with estimated completions for 2025 reduced to below 20,000 units, it is expected that the sales ratio of completed private residential buildings in the fourth quarter will exceed 60%. As for the private residential properties completed in 2024, the sales ratio by the end of the third quarter of this year was 67.9%, compared to 59.0% in the second quarter, an increase of 8.9 percentage points. This reflects a decrease in interest rates, increased trading activity in the property market, and developers continuing to speed up the release of short-term new projects. Sales of remaining units in existing buildings have also accelerated, leading to a significant increase in the sales ratio of 2025 and 2024 completions. It is estimated that by the end of the fourth quarter of this year, around 75% of the 2024 completions will be sold. Yang Mingyi noted that the sales ratio of first-hand properties scheduled for completion in the third quarter of 2025 is expected to rebound to 57.2%, reaching a high not seen in the past 3 years since 2022, surpassing the low levels of less than 45% in the previous two years. The sales ratios in 2023 and 2024 were low, at 43.2% and 37.2% respectively, due to developers preferring to sell forward contract properties that would be completed one or two years later. From 2014 to 2022, the sales ratio for properties scheduled for completion in the third quarter of each year exceeded 55%, with a peak of over 80% in the third quarter of 2018. The specific sales situation of private residential properties completed in previous years is as follows: As of the third quarter of 2025, there were an estimated 18,935 completed private residential units. Among them, there were 3,593 units that have not been launched and 4,506 remaining units. A total of 8,099 units were available for sale, accounting for 42.8% of the estimated completions for the year, with a sales ratio of 57.2%. In 2024, there were 24,261 completed private residential units. Among them, there were 2,478 units that have not been launched and 5,316 remaining units. A total of 7,794 units were available for sale, accounting for 32.1% of the total completions for the year, with a sales ratio of 67.9%. In 2023, there were 13,852 completed private residential units. Among them, there were 1,393 units that have not been launched and 2,535 remaining units. A total of 3,928 units were available for sale, accounting for 28.4% of the total completions for the year, with a sales ratio of 71.6%. In 2022, there were 21,168 completed private residential units. Among them, there were 257 units that have not been launched and 2,341 remaining units. A total of 2,598 units were available for sale, accounting for 12.3% of the total completions for the year, with a sales ratio of 87.7%. From 2017 to 2021, a total of 87,633 private residential units were completed. Among them, there were 327 units that have not been launched and 3,206 remaining units. A total of 3,533 units were available for sale, accounting for 4.0% of the total completions, with a sales ratio of 96.0%.