The Government’s 10-year housing supply target has been set at 440,000 units, while the gross total housing demand for the period is 432,000 units.

The Government released the Long Term Housing Strategy Annual Progress Report 2023 today, noting that the housing demand is based on its projection framework comprising factors such as net increase in the number of households plus a margin for vacancy of private flats.

With the public to private flat ratio staying at 70:30, the public housing supply target will be 308,000 units, comprising 216,000 units for public rental housing units or Green Form Subsidised Home Ownership Scheme flats and 92,000 units for other subsidised sale flats.

As announced in the 2023 Policy Address, the Government has identified sufficient land for providing about 410,000 public housing units in the coming 10-year period, an increase of about 50,000 units over the previous 10-year period, which can meet the estimated public housing demand of 308,000 units.

Such supply mainly comes from New Development Areas and major development projects, site rezoning and other projects.

As for private housing, the Government will continue to adopt a multipronged approach to achieve the housing supply target of 132,000 units for the next 10-year period.

In particular, it will get land ready in an effort to provide around 80,000 private housing units in the coming five years.

Regarding private housing supply in the shorter term, the supply of first-hand private residential flats for the coming three to four years is about 107,000 units, based on the latest projection as at end-September.

Click here for the progress report.