Hong Kong Housing Authority: The potential supply of first-hand private flats increased to 10.2 thousand by the end of September, reversing the downward trend of five consecutive quarters.

According to data from the Hong Kong Housing Authority, as of the end of September this year, the potential supply of first-hand private residential properties in the next 3 to 4 years has slightly rebounded to 102,000 units, an increase of 1,000 units compared to the end of September, reversing the continuous decline over the past five quarters. Among them, there are 26,000 completed but unsold units, hitting a new low for the year; 62,000 units under construction but unsold, hitting a new low for the past four years; and 14,000 units with approved land ready to start construction. In the third quarter of this year, private residential construction volume was 800 units, a 68% decrease compared to the previous quarter, marking the lowest in nearly 13 quarters, with a 79.49% year-on-year decrease; completion volume was 3,300 units, a 28.26% decrease compared to the previous quarter, marking the lowest in nearly 5 quarters, with a 13.16% year-on-year decrease. In the first three quarters, the construction volume of private residential units was 6,900 units, a 61.88% decrease year-on-year; the completion volume was 13,400 units, a 22.94% increase year-on-year.