Hong Kong developers clear stock amid strong demand and shrinking supply

Hong Kong developers sell nearly 300 flats in one day as official data warns of shrinking private housing supply this year and next. | Contesto: cronaca

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• Hong Kong developers clear stock amid strong demand and shrinking supply

Contesto

Hong Kong developers released nearly 300 new flats to the market on Saturday, tapping into enthusiastic demand from homebuyers as the latest official data show the completion of private residential units is set to decline this year and next. The flurry of sales came as buyers snapped up units at two major projects, underscoring a resilient appetite for housing despite broader economic uncertainty. As of 3pm, 138 out of 218 units at One Victoria Cove Phase I in Hung Hom had been sold. The project is jointly developed by Henderson Land Development, Hysan Development, and Empire Group. Simultaneously, New World Development (NWD) reported strong interest at Pavilia Farm III, located atop Tai Wai station in Sha Tin. The combined release of nearly 300 flats marks one of the busiest sales weekends in recent months. The sales push comes against a backdrop of shrinking supply. Government data indicates that the number of completed private residential units will fall this year and next, a trend that could further tighten an already competitive market. Analysts have pointed to delays in construction and land auctions as contributing factors, though developers appear to be accelerating launches to capture current demand before inventory diminishes. Industry observers note that the strong uptake reflects pent-up demand from first-time buyers and upgraders, many of whom are eager to lock in prices before potential increases driven by limited supply. The Hung Hom and Sha Tin projects, both located in well-connected areas, have particularly appealed to families and professionals seeking proximity to transport hubs and urban amenities. The implications of declining completions extend beyond immediate sales. A sustained drop in new housing stock could support property prices, even as interest rates remain elevated. However, it may also exacerbate affordability challenges for middle-income households, a concern that policymakers have flagged in recent months. Developers, for their part, are balancing the need to clear inventory with the strategic advantage of holding back units in a tightening market. Looking ahead, the trajectory of Hong Kong’s residential market will depend on...

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Categoria: cronaca