Expect 13,550 flats by year-end: government

47 sites were included in the Land Sale Programme.

According to a report, about 13,550 flats are expected to be built this year, with a further 15,820 forecast for next year.

The figures were outlined in the online version of the Hong Kong Property Review 2013, published by the Rating & Valuation Department today.

It reported that 10,150 flats were built last year, beating the average number of 9,854 units for the past five years.

The Government, to stabilise the residential property market and increase flat supply, included 47 sites in the 2012-13 Land Sale Programme. 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 year's-end, with the total number of sale and purchase agreements registrations in 2012 dropping 4% to 81,333, the second consecutive year in which transactions fell below 85,000.

Supply in the primary market was 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.