HK Private Residential Completions Plunge 31% in First 7 Months of 2026
On.cc · 1 SOURCESabout 4 hours ago2 MIN
Summary
Hong Kong's private residential construction sector has experienced a significant downturn, with completion numbers falling substantially short of expectations. The Rating and Valuation Department reported that the first seven months of 2026 yielded approximately 8,100 private residential units, representing a year-over-year decline of 31.1% from the approximately 11,758 units completed during the same period last year . The current completion rate stands at only about 47% of the annual target of 16,975 units, raising concerns about housing supply in the coming months.
Key Points
- New Territories dominated completions with about 5,045 units (62.3% of total), showing a year-over-year increase of approximately 1%
- Hong Kong Island recorded about 1,808 units (22.3% of total), down about 2.7% year-over-year
- Kowloon had the lowest completions at about 1,247 units (15.4% of total), a dramatic year-over-year drop of approximately 83%
- Small units under 431 square feet led the market with about 3,783 completions, though this was down 42% from 6,297 units last year
- July 2026 saw only about 186 units completed, a steep 94.7% monthly decline, with Hong Kong Island and New Territories recording zero completions
Why It Matters
The sharp decline in residential completions could exacerbate Hong Kong's housing shortage and put upward pressure on property prices and rentals in the medium term. With the city achieving less than half of its annual housing target in the first seven months, developers and policymakers face mounting pressure to accelerate construction to meet market demand and government supply commitments.
The sharp decline in residential completions could exacerbate Hong Kong's housing shortage and put upward pressure on property prices and rentals in the medium term. With the city achieving less than half of its annual housing target in the first seven months, developers and policymakers face mounting pressure to accelerate construction to meet market demand and government supply commitments.