4000091 P.R.H. 7
RECEIVED IN REGISTRY No.51
HONG KONG GOVERNMENT
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HKKIY/9
Monday, March 22 1971
PROPERTY REVIEW 1971
Equilibrium On Supply And Demand By 1972
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The supply and demand for domestic accommodation will be about
equal by the end of 1972 when some 110,000 new flats, both in the private
and public sector, will have been completed, forecasts Mr. N. Cooke, Commissioner
of Rating and Valuation, in his Property Review 1971 published today.
The number of domestic flats completed in the private sector in
1970 was 11,140. Though this was 45 per cent higher than the previous
year, it was well below the average of 18,823 units over the five-year
period 1965 to 1969. In the public sector, some 13,425 flats were completed,
but this was also well below the published programme.
But, Mr. Cooke says estimates of the supply in 1971 and 1972 are
much more "encouraging." The forecast output is for 50,537 units in 1971
and 50,974 the following year. With completions in 1971 and 1972 estimated
at more than twice the 1970 output, he expects that demand and supply "will
again be reaching equilibrium by the end of 1972."
On the rental situation, Mr. Cooke says an analysis of rent increase
cases in 1970 shows an average increase overall of 22.81 per cent. But, the
heaviest increases have occured in medium and large flats where average increases
were 35.13 per cent and 41.55 per cent respectively. Increases for small
flats averaged 19.20 per cent and for tenements below 15 per cent.
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