Hong Kong Govt. Releases 10-Year Housing Plan for Balancing Supply & Demand
November 01, 2023
The Hong Kong Government has chartered a plan for the next decade's housing supply in the SAR, aiming to balance the needs of a growing population.
Published on Oct. 30, the 10-year housing supply target has been set at 440,000 units, aligning closely with the gross total housing demand for the same period, which stands at 432,000 units.
The Long Term Housing Strategy Annual Progress Report for 2023 emphasizes that this housing demand projection factors in variables like the net increase in the number of households, with an additional margin considered for the vacancy of private flats.
Maintaining the existing 70:30 public-to-private flat ratio, the government's public housing supply goal is set at 308,000 units. This will encompass 216,000 public rental housing units or Green Form Subsidized Home Ownership Scheme flats and 92,000 units allocated for other subsidized sale flats.
In line with the recently announced 2023 Policy Address, the government has secured enough land to facilitate approximately 410,000 public housing units over the next decade. This is a notable increase of 50,000 units compared to the previous 10-year period, effectively meeting the projected public housing demand.
The bulk of this supply will come from New Development Areas, major development projects, site rezoning, and similar initiatives.
For the private housing sector, a multifaceted approach has been outlined to meet the 132,000-unit target for the next decade. The government will focus on preparing land to ensure that around 80,000 private housing units will become available within the next five years.
In the shorter term, the government anticipates the supply of first-hand private residential flats to reach approximately 107,000 units over the next three to four years. These projections aim to maintain a balance between public and private housing to meet the dynamic needs of Hong Kong's growing population.
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