Hong Kong Rating and Valuation Department: Private residential completions in Hong Kong continue to lag, with only 9,642 units completed in the first nine months, meeting less than 60% of the target.

The Hong Kong Rating and Valuation Department published the "Hong Kong Property Report (Monthly Supplement)", showing that private residential completions in September recorded only 655 units, a month-on-month decrease of 26% from 887 units in August. Cumulative completions in the first nine months of this year totaled approximately 9,642 units, down about 28% from approximately 13,354 units in the same period last year, hitting a near-11-year low for the same period since 2015. Against the Rating and Valuation Department's full-year forecast of 16,975 units, only 57% of the target has been met, indicating a notably slow pace. Small units dominate, with small and medium-sized units accounting for nearly 90% combined Broken down by unit area, completions in the first nine months of this year were dominated by small units with a saleable area of approximately 431 sq ft or below, involving 5,079 units, accounting for over 50% of the total; followed by small and medium-sized units with a saleable area of approximately 431 to 752 sq ft, recording about 3,486 units, or 36%. The two categories of small and medium-sized units under 753 sq ft combined already accounted for nearly 90% of completions this year. By district, the New Territories remained the main source of supply Completed projects in September were concentrated in urban Hong Kong and Kowloon, with Kowloon accounting for 538 units and Hong Kong Island accounting for 117 units. On a cumulative basis for the first nine months of this year, the New Territories remained dominant, involving 5,810 units, accounting for over 60% of supply; Hong Kong Island and Kowloon each accounted for about 20%. Reviewing the monthly trend: completions fluctuated significantly, with overall progress lagging Looking at the monthly data during the year, private residential completions fluctuated considerably. January recorded only 92 units, a near-20-month low; February rebounded to 1,068 units, a sharp 11-fold month-on-month increase, but the two-month cumulative total was only 1,160 units, still down nearly 70% year-on-year. March fell back to 404 units, with the first-quarter cumulative total at 1,564 units, down over 70% year-on-year, a near-7-year low for the same period since 2019. April recorded 2,009 units, a 7-month high, surging nearly 4-fold month-on-month, but the first four months cumulative total was only 3,573 units, about 21% of the target. May fell back to 809 units, down 60% month-on-month, with the first five months cumulative total at 4,382 units, down 41% year-on-year. June recorded 3,532 units, a sharp 3.4-fold month-on-month increase, with the first-half cumulative total at 7,914 units, down 21% year-on-year, or 47% of the target. July recorded only 186 units, plunging 95% month-on-month, with the first seven months cumulative total at 8,100 units, down 31% year-on-year, less than half the target. August rebounded to 887 units, a 3.7-fold month-on-month increase, with the first eight months cumulative total at 8,987 units, down 27% year-on-year, or 53% of the target.