1981 were at an
however, varied
unprecedentedly high level. The
significantly between different
property, as the following table indicates.
Usable floor area completed
situation,
types
of
Third quarter
1981
Third
quarter
1982
Jan
Jan
30
Sep
change
1981
Sep 1982
30 change
2
('000m2) ('000m2)
('000m2) ('000m2)
Residential
225
176
-22
837
507
-39
Commercial
129
166
29
442
548
24
Industrial
305
398
30
996
1 045
5
Others
26
32
23
134
173
29
Total
684
772
13
2 409
2 274
-6
Source: Buildings Ordinance Office
5.5
The additional supply of private residential property
decreased by 22% in terms of floor area completed; and at
5 002 units'
(3) in the third quarter, the decrease in terms
of units completed was 21%. Against the background of a very
high vacancy position at the end of 1981, supply was still
abundant in relation to demand. The continuous easing of the
mortgage rate to 13% in August compared with the historically
high level of 21% in October 1981, resulted in a reduction of
approximately 25-30% (depending on the mortgage period) in the
monthly mortgage payment on a given loan. Nevertheless,
prices of flats were still high relative to the average
/ incomes
(3) This figure is compiled from monthly returns prepared by the Buildings Ordinance Office. It includes all newly completed residential units. to which full occupation permits have been granted.
27
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