1、Land and Housing Policy Research ReportHong Kong Housing Landscape Navigator 2025April 2025Executive SummaryPrivate Housing SupplyPublic Housing SupplySubsidised Housing Spotlight263862Content2Distribution of development period of government sites tendered between 2011 and 2020,by development stage

2、Part I:Private Housing Supply1.Average annual completions are anticipated to be around 17,100 units in 20252029.However,completions will be front-loaded with around 20,000 units in 2025 and 2026,then gradually decline to around 15,000 to 16,000 units annually between 2027 and 2029.Although we foreca

3、sted this trend in last years report,its occurrence was pushed back due to longer development periods,where some 70%of units completed in 2024 experienced delays ranging from one to more than six months.2.The noticeable slowdown in every stage of the private housing development cycle validates this

4、trend.In 2024,approved pre-sale consent applications,superstructure commencements,and estimated flat yields from private housing land supply continued to decline.Weak fundamentals,compounded by higher development risk aversion,led to conservatism in the land sale market,where successful government l

5、and tenders since 2022/23 have become fewer and declined in plot size and accommodation value.3.An analysis of over 100 government sites tendered between 2011 and 2020 that have completed the development cycle shows that development periods have lengthened by 33%in recent years.Further segmentation

6、reveals that more than half,or 57%,of the development period involves the pre-and post-construction phases.These two phases could be significantly lengthened by site complexities and requirements to construct public facilities,which would entail multiple approvals from different authorities.We,there