Posted 10/30/2023, 12:15:26 PM
Hong Kong's Private Home Inventory Soars Amid High Rates and Weak Demand
- Hong Kong's supply of new private homes hits record high of 107,000 units as buyers remain hesitant amid high interest rates
- Potential supply increased by 12,000 units year-on-year due to economic climate and high borrowing costs deterring buyers
- Developers started construction on only 3,200 units in Q3, an 88% drop from Q2
- Completed projects had 18,300 unsold units, while uncompleted projects had 68,000 units unsold
- Government relaxed property curbs in policy address, halving stamp duty for non-permanent residents and second home buyers