According to data from the Housing Authority's report on "Supply Statistics of Private Residential Property on the First-hand Market," as of the third quarter of this year, the potential supply of private housing in Hong Kong over the next three to four years has rebounded to exceed 100,000 units, marking a significant increase of 4,000 units from the second quarter's total of 96,000 units. The main reason for this increase is due to the addition of 3,000 units from approved but not yet construction-starter "ready-to-use" sites, with the number now at 19,000 units. Additionally, 6,200 units from under-construction but unsold houses also increased by 1,000 units quarter-over-quarter. As for remaining unsold completed units, the number remained at 19,000 units. Turning to completed units for the third quarter, the number of private residential properties completed was approximately 1,700 units, which is a decrease of about 4,700 units or 73% from the previous quarter, with a total of 9,600 units completed in the first three quarters of the year. In terms of construction starts, 2,800 units were started in the third quarter, a reduction of 2,800 units or 50% from the previous quarter, with a total of 12,500 units started from January to September.
The rebound in potential supply is particularly notable, signaling an increase in housing availability over the next few years. However, the decrease in completed units and the number of units started this quarter highlights the ongoing challenges in the housing sector, suggesting that while future supply is increasing, current housing provision is declining. The reason for this decline could be attributed to a combination of factors including regulatory approvals, economic conditions, and developers' strategies.