Average Waiting Time Remains at 5½ Years

In a recent announcement, Hong Kong authorities have confirmed that the average waiting time for public rental flats remains unchanged at 5½ years as of the third quarter of 2024. This consistency in the waiting period is largely attributed to expedited housing for applicants in the New Territories, even amidst a decline in available homes this quarter.

Current Status of General Applicants

The Hong Kong Housing Authority revealed that general applicants, which include family units and elderly households, are facing the same waiting time as previously recorded. The Authority stated that the relatively shorter waiting period for applicants seeking flats in the New Territories, such as those at Fu Tip Estate in Tai Po, has helped maintain this average.

Decrease in Available Flats

Despite the average figures holding steady, the authorities noted a reduction in the overall number of new public rental housing flats available for allocation compared to previous quarters. However, a higher number of refurbished flats made it to the market this quarter, thanks to measures aimed at preventing tenancy abuse and the successful completion of several subsidized sale flat projects.

Latest Data on Elderly Applicants

LATEST DATA: The average waiting time for elderly applicants has seen a slight decrease, dropping from 3.7 years to 3.5 years. This could indicate a focused effort to address the needs of senior citizens in the housing market.

Current Applicant Statistics

As of this quarter, Hong Kong has recorded approximately 122,000 general applicants vying for public rental housing, alongside an additional 91,000 non-elderly single candidates. With a growing number of applicants, the scrutiny on public housing availability intensifies.

Future Goals and Developments

Looking ahead, the government has set ambitious goals to reduce the waiting period for both permanent and temporary public rental homes to 4½ years by the 2026-27 financial year. This will primarily be facilitated through initiatives such as the innovative 'light public housing' scheme. This scheme plans to roll out about 30,000 light public housing flats in phases, with temporary homes expected as early as 2025.

Long-Term Housing Strategy

Moreover, authorities have identified sufficient land to develop around 410,000 public flats over the next decade—approximately 100,000 more than the anticipated demand. However, the bulk of these new homes is not expected to be completed until between 2029 and 2034.

Challenges Ahead

As Hong Kong grapples with its ongoing housing crisis, many questions remain about the effectiveness of current measures and the potential for real change in the near future. The commitment of the government and housing authorities to improve this situation will be closely monitored by residents and prospective applicants alike.