Hong Kong Land Registry: 17,171 private residential units completed in the first 10 months of this year, reaching about 82% of the annual target.

The Hong Kong Property Valuation Department released the latest figures on Thursday (December 4th), showing that in October of this year, there were 3,820 newly completed private residential units, the highest monthly number since December last year, and a significant increase of about 2.8 times compared to September's 1,004 units. In the first 10 months of this year, a total of approximately 17,174 units have been completed, reaching about 82.3% of the target of 20,862 units for the whole year. By district, the majority of newly completed private residential units in October were in the New Territories, with 3,308 units, the highest monthly number for all districts since January 2022, representing a monthly increase of about 63.5%. The number of units completed in Hong Kong Island was 289, an increase of about 47.2 times from the previous month. As for Kowloon, it recorded 223 units completed, a significant decrease of about 59.3% compared to September. In the first 10 months of this year, Kowloon had the highest number of completed units, totaling 8,328 units, a significant increase of about 19.6% compared to the same period last year. Hong Kong Island recorded 2,746 units, representing a 5.7 times increase from the same period last year, while the New Territories had only 6,100 units completed by October, a decrease of about 16% from the previous year. As of the end of October this year, the total number of completed private residential units compared to the same period last year has increased by about 17.3%. The percentage of completed units by October last year was only about 65.7%, showing a significant increase this year. In terms of different unit sizes, the majority of completed units are still below 431 square feet of usable area, totaling 8,941 units by October this year, an increase of about 24.7% compared to the same period last year. The second most common type of unit size is between 431 and 752 square feet, with 6,223 units completed, representing a 4% increase from the previous year. The category with the largest increase in completed units compared to the previous year is the medium-sized units with a usable area of about 753 to 1,075 square feet, with a total of 1,240 units completed in the first 10 months of this year, about twice the number from the previous year. On the other hand, the category with the largest decrease in completed units compared to the previous year is the large units with a usable area of about 1,722 square feet or more, with a total of 164 units completed, a decrease of about 21.2% from the same period last year.