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WEDNESDAY, APRIL 3, 1974
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PROPERTY REVIEW
VACANCIES UP SUPPLY OF NEW LETTINGS NOT ENCOURAGING
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THE NUMBER OF DOMESTIC UNITS COMPLETED IN THE PRIVATE SECTOR
DURING 1973 WAS 23,733, AN INCREASE OF SOME 3,150 OR 15 PER CENT
OVER THE 1972 FIGURE.
ALTHOUGH THE NUMBER OF COMPLETIONS WAS HIGHER THAN THAT FOR
ANY OF THE PREVIOUS SIX YEARS IT FELL RATHER SHORT OF EXPECTATIONS.
THIS, TOGETHER WITH THE FACT THAT ESTIMATED COMPLETIONS FOR
15 1974 AT 19,600 UNITS ARE ALSO LESS THAN PREVIOUSLY ESTIMATED, NOT ENCOURAGING IN VIEW OF THE VERY LARGE AND UNSATISFIED DEMAND
FOR HOUSING IN HONG KONG, AND DOES TEND TO INDICATE THAT SUPPLY IS
TAKING A SLIGHT DOWNWARD TREND, THE COMMISSIONER OF RATING AND
VALUATION, MR. R.A.FRY, SAYS IN HIS 1974 PROPERTY REVIEW.
IN DECEMBER 1973 THERE WERE 10,103 UNOCCUPIED DOMESTIC UNITS
IN THE PRIVATE SECTOR, AN INCREASE OF SOME 3,000 OVER THE FIGURE A YEAR PREVIOUSLY. ALTHOUGH JUST OVER 4,100 (41 PER CENT OF TOTAL
VACANCIES) OF THESE WERE IN BUILDINGS CERTIFIED FOR OCCUPATION IN
THE LAST THREE MONTHS OF THE YEAR THERE WOULD SEEM TO BE LITTLE
DOUBT NOW OF THE INCREASING UPWARD TREND OF VACANCIES.
P
THIS
TREND HAS BEEN BROUGHT ABOUT, IN PART, BY THE VERY HIGH PURCHASE
PRICES AND RENTS BEING ASKED FOR NEW PREMISES PRICES AND RENTS
WHICH ARE, IN MANY. CASES, NO LONGER TENABLE.
GENERALLY, DOMESTIC RENTALS CONTINUED TO MOVE UPWARDS DURING
THE YEAR AND THE DEPARTMENT'S RENTAL INDEX ROSE BY JUST OVER 10
PER CENT.
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THESE FIGURES
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