Usable floor area completed
('000 m2)
1st half
1981
1981
1st half
1982
% change
Residential
1 084
612
331
-46
Commercial
587
313
381
22
Industrial
1 370
691
649
-6
Others
151
108
141
30
Total
3 193
1 725
1 502
-13
5.7
Source: Buildings Ordinance Office
While in terms of floor area, the additional
supply
represented а
of private residential property decreased by 46%, in terms of
(4) units completed, completions of 9 554
decrease of 44%. But there was a record number of completions
in 1981, so much so that there were 29 700 units vacant at the
end of 1981, 75% more than at the end of 1980. In other
words, despite the decrease in completions in the first half
of 1982, supply was still abundant.
5.8
By contrast, demand in the
residential property
Stagnant
market continued to be subdued in the first half. Trading was relatively inactive and prices declined further.
export performance, high interest rates, an unimpressive
performance on the stock market, expansion and modification of
the Home Ownership Scheme and short term variations in supply
were believed to be the contributing factors. То stimulate
the buying of new premises, a few developers of small
/ medium
and
(4) This figure is compiled from monthly returns prepared by the Buildings Ordinance Office. It includes all newly completed residential units with which full occupation permits have been granted.
38