There were 4 959 residential flats completed by the private
sector in the first quarter of 1982, 8% less than in the first
quarter of 1981.
5.5
Conditions in the property market in general
continued to be rather sluggish and in some cases prices and
rentals declined further in the first quarter. As in the
second half
half of 1981, the market became very much a buyers'
market under the influence of the
the large number of buildings
completed in 1981, of high mortgage rates and of the previous
rapid increases in prices. The recent trend of a decline in
prices of premises and the large amount of vacant
(4) premises
at the end of 1981 seem to have induced
potential buyers to adopt a "wait-and-see" attitude and hence
to have contributed further to the cooling down of the
property market. But towards the end of the first quarter,
there were a few fairly successful marketing exercises for
(4)
/ small
Amount of vacant premises as at the end of:
1979
1980
1981
Residential (units)
14 550
17 000
29 700
Shops ('000 m2)
Offices ('000 m2)
148.5 78.7
221.7
282.2
202.9
301.9
Flatted factories
('000 m2)
581.0
476.1
795.0
Source: Rating and Valuation Department
30