Residential Home Completions Soar to a Two-Year Peak in January

In a remarkable surge, January witnessed an 82.6-fold monthly increase in the completion of residential homes, according to the latest data from the Buildings Department.

A remarkable assembly of 3,595 homes across seven development projects reached completion, marking a zenith not seen in the past 24 months. This figure represents a 13 percent rise compared to the same timeframe last year, positioning it near the apex of a 23-year record.

These recently completed homes constitute 16.1 percent of the total annual completions projected by the Rating and Valuation Department. Notably, two significant projects contributed to this spike: Novo Land in Tuen Mun with 1,658 flats, and University Hill in Tai Po Kau, which added 1,295 flats to the market.

Geographically, the New Territories boasted the lion's share of completions, with 82 percent of the homes, while Kowloon and Hong Kong Island followed.

In terms of new projects, January saw the commencement of two developments, introducing 357 units to the market. Despite being an 88 percent decrease from the previous month, this figure is hailed as "a five-year high" for January, as per Derek Chan Hoi-chiu, the head of research at Ricacorp Properties.