Over 13,000 flats will be built this year

A further 15,820 will be built in 2014.

The Rating & Valuation Department reported that 10,150 flats were built in 2012, beating the average number of 9,854 units for the past five years.

To stabilize the residential property market and increase flat supply, the government included 47 sites in the 2012-13 Land Sale Program. Twenty-two sites were disposed of by tender during the year and some contained minimum flat number requirements to guarantee supply.

Property transaction activity slowed down towards the end of 2012, with the total number of sale and purchase agreements registrations dropping 4% to 81,333, the second straight year in which transactions fell below 85,000.

Supply in the primary market remained stable. As at the end of December, it was estimated that about 67,000 first-hand units in completed developments or committed projects would be coming onto the primary market in the next three to four years.

Residential prices saw appreciable growth in 2012. The overall price index for the fourth quarter increased 24% over a year earlier. Rents saw 10% growth year on year in the last quarter.